Home Loan Refinance Calculator

How to use our home loan refinancing calculator

Using our refinancing home loan calculator is simple — you just need the following details:

Your loan type

Your remaining loan amount

The remaining time on your loan

Your loan’s current interest rate

By entering this information into our home loan refinancing calculator, you’ll be able to see how much you can save when you refinance your home loan with Wisebuy. Be sure to check that you’ve entered your details correctly to get a more accurate result.
It’s important to note that this home loan refinancing calculator does not take break fees or additional charges into account when switching from your lender. So, before applying to refinance your home loan, it’s essential to first check with your lender regarding the terms, conditions and limitations of your existing loan.

The value of calculating refinancing your home loan

Lots of Australian homeowners with a mortgage — 40%, according to the latest data — have never tried to save money by refinancing their home loan. There are so many different places you can get a loan that it's a pain to even consider finding a new one with a lower rate. But sometimes, all you need to incentivise you is a solid estimate of how much you could save when refinancing your home loan — and you can get just that with Wisebuy’s handy refinancing home loan calculator.

How are savings from refinancing a home loan calculated?

Our home loan refinance savings calculator allows you to see your potential savings. While that may seem complicated, its essence is quite simple. Essentially, we’ll take how much you're paying now on your loan, and compare it to what you'd pay on the new loan. Here’s an example to illustrate how this works:

Say you've got $275,000 left on your mortgage at 5% interest and 25 years to go. If you refinanced to a loan with 4% interest over the same term, you could end up pocketing up to $9720 over 5 years.

Of course, saving money isn't the only reason to refinance. You may want to change the term period or get out of an adjustable-rate mortgage before the rate jumps up.

How soon after buying a house can I refinance my home loan?

That depends on your lender’s policies and the type of home loan you currently have. Most lenders will give you the option to refinance your home loan shortly after purchasing your home — usually after a few months in which you make timely mortgage repayments. However, the exact waiting period can vary from one lender to another, typically falling between 6 months to a year.

How can I refinance my home loan with Wisebuy?

Applying to refinance your home loan with Wisebuy is easy — you can do it online in just a matter of minutes. Use our refinancing home loan calculator to get an estimate. Then, fill out our online form with your details. We’ll get in touch with you to arrange a free, no-obligation consultation and help you find the right home loan refinancing solution for your circumstances.