Mortgage Refinance Calculator

Backed by Experts

Our Mortgage Refinance Calculator is supported by insights from Carlisle Homes’ finance experts designed to reflect the latest Australian home loan trends. Grounded in local market data, this tool provides valuable insights to help you make informed decisions about refinancing your mortgage.

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How accurate are the estimates from the Mortgage Refinance Calculator?

Our Mortgage Refinance Calculator provides estimates based on the information you enter, such as your current loan amount, interest rate, and loan term. While the estimates are reliable, it’s important to consult with your lender for specific rates and terms tailored to your financial situation.

Can the calculator help me compare fixed and variable interest rates?

Yes, the calculator allows you to input both fixed-rate and variable interest rate options. This helps you understand how each type of loan affects your home loan repayments and overall savings.

What upfront costs should I consider when refinancing?

When refinancing, it’s important to factor in costs such as loan settlement fees, break costs, and any additional mortgage establishment fees. These may impact how much you actually save by refinancing.

Can this calculator show how much I could save over the loan term?

By entering the details of your existing loan and the new terms, the calculator estimates how much you could save in interest repayments and through loan term reduction.

How does the calculator factor in my personal financial circumstances?

The calculator gives an estimate based on your loan details and the information provided, but it does not account for changes in your personal financial circumstances, such as income fluctuations or credit score changes.

When can you refinance a mortgage?

You can refinance a mortgage at any time, but it’s ideal to do so when:

⦁    Interest rates have dropped, and you can lock in a lower rate.
⦁    Your financial situation has improved (e.g., better credit score, higher income).
⦁    Your property has increased in value, allowing you to access better terms or use the equity.
⦁    You want to switch from a variable rate to a fixed rate (or vice versa) for more financial control. 

However, consider the costs involved before refinancing, such as exit or break fees if you're on a fixed-rate loan.

How long does it take to refinance a mortgage?

Refinancing a mortgage typically takes 2 to 4 weeks from the time you submit your application to the settlement. The timeline depends on factors like the complexity of your financial situation, how quickly the lender processes the application, and whether a property valuation is required. If you provide all necessary documents upfront, the process may be quicker.

How often can you refinance a mortgage?

There is no strict limit on how often you can refinance a mortgage. However, it’s important to consider the costs involved, such as exit fees, break costs, and any new loan establishment fees. Refinancing too frequently can erode the potential savings from switching loans. It’s generally advisable to refinance when you can significantly reduce your interest rate, lower your monthly repayments, or improve the overall terms of your mortgage.

How much does it cost to refinance a mortgage?

The cost of refinancing a mortgage depends on several factors, including:

⦁    Exit fees or break costs for leaving your current loan.
⦁    Loan application or establishment fees for the new loan.
⦁    Valuation fees if your new lender requires a property valuation.
⦁    Settlement fees and legal fees associated with transferring your loan.
Lenders mortgage insurance (LMI) if you have less than 20% equity in your property.

On average, refinancing can cost between $500 and $1,500, but the exact amount depends on the lender and loan terms.