Home loan refinance calculator

Refinancing a home loan involves switching your current mortgage to a new lender or product with the aim of saving money, accessing equity, or altering loan terms to better suit your needs. Essentially, refinancing allows you to replace your existing home loan with a new one that better suits your financial situation. This could involve negotiating a lower interest rate, changing the loan term, or accessing equity in your home.

By refinancing your home loan, you may be able to reduce your monthly repayments, pay off your loan faster, or consolidate your debts into one manageable payment.

Yes, refinancing your home loan could potentially save you thousands of dollars in the long run, especially if you've seen a decrease in home loan rates since you first took out your mortgage. Your current home loan may no longer be the best option for you, particularly if you've had a change in circumstances such as a change in interest rates, an increase in income, or changes to your personal financial goals. Refinancing could help you take advantage of these changes by finding a better deal or product that aligns with your current financial needs. However, it's important to consider any fees or charges associated with refinancing and weigh these up against the potential savings.

By using our refinancing home loan calculator, you could determine whether refinancing your home loan is a financially sound decision for you.

The stages of refinancing a home loan typically include:

1. Making your Application: Once you've found a suitable loan product, you'll need to apply for to refinance your loan. This involves providing your lender with your financial details, including income, assets, and liabilities.
2. Conditional Approval: Once the bank has reviewed your finances and deemed you meet their criteria you may be given a conditional approval.  Your lender will likely conduct a valuation of your property to determine its current market value before or after the conditional approval.
3. Loan Approval: If you meet the conditions of the loan including any valuation requirements, you will receive a formal loan offer from your lender.
4. Settlement: Once you've accepted the loan offer, your lender will arrange for settlement, which involves paying off your current home loan and transferring the mortgage to your new lender.
5. Post-Settlement: After settlement, you'll begin making repayments on your new home loan. It's important to keep up with your repayments and stay on top of any changes to your financial circumstances to ensure you're getting the most out of your new loan.