What is refinancing?
Refinancing means replacing your current home loan with a new one, usually from a different lender, to get better terms that fit your current financial situation. Many Australians refinance to take advantage of lower interest rates, reduce their monthly repayments, or access the equity in their property.
Refinancing can also help you consolidate other debts, switch from a variable to a fixed rate, or adjust your loan term to match your goals. Whether you want to pay off your home sooner or free up cash for renovations, refinancing could be a smart way to save money and improve your financial flexibility.
Our refinance feasibility calculator gives you a quick estimate of whether refinancing your home loan could save you money by comparing your current loan costs with new lender offers.
How this refinance calculator works
Our calculator provides an instant snapshot of whether refinancing makes financial sense for you. By entering details about your current loan such as your outstanding balance, interest rate, and remaining term, along with potential new loan options, it factors in all the costs and savings.
This includes discharge fees on your current loan, application fees for the new loan, and any lender’s mortgage insurance. The calculator then estimates potential savings on your monthly repayments or total interest paid.
While the calculator is a great starting point, it doesn’t capture every detail of your situation. That’s why our brokers are here to help you dig deeper, review all your options, and find the best loan tailored to your goals.
Factors affecting decision to refinance
- Interest rate difference: The gap between your current rate and the new rate is key. Even a small reduction can lead to significant savings over time.
- Loan term: How much time is left on your current loan and the term length of the new loan matter. Extending the loan term can reduce your monthly repayments but may increase the total interest you pay.
- Upfront costs: Fees like discharge fees, application fees, and lender’s mortgage insurance need to be considered and weighed against potential savings.
- Accessing equity: Refinancing can allow you to tap into your home’s equity for renovations, investments, or debt consolidation, but it’s important to understand how this affects your overall loan.
When refinancing is right for you
Refinancing makes sense if you can secure a lower interest rate, switch to a loan with better features like an offset account, or reduce your monthly repayments to ease your budget.
It’s also a good move if you want to pay off your loan faster by adjusting your loan term or making extra repayments easier, consolidate other debts to simplify payments, or access equity for home improvements or investments.
Our brokers are here to help you figure out if refinancing fits your goals and financial situation, guiding you through every step to make the process smooth and rewarding.
How our brokers can help you with refinancing
Refinancing can feel complicated, but our expert brokers make it straightforward. We work with hundreds of lenders and loan products to find options tailored just for you.
We review your current loan and finances, compare many loan products to find the most cost-effective solutions, and calculate the true costs of refinancing including all fees and potential savings.
Our brokers handle all the paperwork, negotiations, and lender communications to save you time and hassle. Plus, we provide expert advice on timing and strategies to get the best results from your refinance.
With Acceptance Finance brokers on your side, you can
refinance with confidence knowing you’re getting the best possible deal.
