See how much you could save per year by switching to a lower rate.
Built and reviewed by John Pierre Saliba, MFAA Accredited, ACL 511092. Last reviewed 9 October 2026.
This saving is an estimate only. The rate you can actually switch to depends on your LVR, income, and which of 50+ lenders fits, subject to lender assessment.
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Check the break-even point first. If your switching costs are repaid within about a year of savings and you intend to keep the loan beyond that, the numbers usually justify moving. My first step is often simpler though: I ask your current lender to reprice your existing loan, which costs nothing and sometimes closes most of the gap. If they will not move, we take the stronger offer elsewhere. The figures above are estimates only and subject to lender assessment.
Before you commit, understand the full process in my refinancing guide, and run your numbers through the refinance savings calculator to see the lifetime interest picture, not just the annual saving. If you also want to release equity while you switch, read about cash out refinancing in Sydney so the loan is structured correctly the first time.
The calculator computes the monthly repayment on your current balance at both your current rate and the proposed new rate, using the standard amortisation (annuity) formula with monthly compounding. Both loans are compared over the same remaining term, so the saving reflects the rate difference alone rather than a stretched loan term.
The monthly saving is the difference between the two repayments, the annual saving is that figure multiplied by 12, and total interest saved is the difference between total repayments over the remaining term. The break-even point divides your switching costs by the monthly saving and rounds up, showing how many months it takes for the savings to cover the cost of moving.
Key assumptions used by the calculator:
This is a general estimate only, not credit advice or an offer. The rate you can actually refinance to depends on your LVR, income, and lender policy, and comparison rates should be considered alongside headline rates.