Could refinancing leave more room for your bills?
If the rate changed but you kept the same loan balance and remaining term, what might the repayment difference add up to each month and over a year?
Put in a few details about your current loan. We'll compare it against a current publicly advertised Mortgage Choice refinance reference rate, using the same balance and the same remaining term.
You'll see the illustrated monthly and 12-month repayment difference, plus the longer-term comparison so you can see the trade-off.
Is this the home you live in?
This simple comparison is designed for an owner-occupied home loan.
Is your loan principal & interest?
That means your repayments are paying down the loan balance as well as interest.
Is your current rate variable?
Now the numbers that matter.
Usually easy to find in your banking app.
Use the repayment you are actually making now. We’ll use this amount for the “keep paying the same” illustration.
This keeps the monthly repayment you entered going at the displayed reference rate and compares that finish with the remaining term you told us. Variable rates can change, so the result is an illustration rather than a forecast.
Illustrative only, not a quote, recommendation or rate offer. The figures assume the displayed rates remain unchanged for the period shown. We have not assessed whether you qualify for the reference product or whether refinancing is suitable for you.
Reference product · Mortgage Choice · updated Checking….
Finance to approved applicants. Subject to suitability.
The comparison rate quoted is based on a loan amount of $150,000 and a term of 25 years as at Checking…. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Credit criteria, fees, charges and terms and conditions apply.
Your current scheduled finish uses the remaining term you entered. The reference-rate illustration then keeps your entered monthly repayment going to model how much earlier that path could finish.
What does the gap add up to?
Is that worth investigating?
Your offset matters here
This simple illustration does not account for the balance you keep in offset, so the actual interest difference may be smaller than shown.
You're already relatively close to the finish line
What a personalised review adds
Paul can then look at the parts that sit outside this illustration:
- which lenders and products you may qualify for
- your income, expenses and credit history
- property value and loan-to-value ratio
- product features and lender policy
- actual refinance fees, discharge costs and available features
- the personalised rate a lender may offer you
Want Paul to compare the actual options?
The calculator can compare the numbers you entered. Paul can look at the rest of the picture.
This is an illustration based on the figures you entered and the reference rate shown above. It isn't a loan offer or an assessment of whether you can refinance. Actual rates, fees, loan terms and outcomes vary.
The information provided in this web page is for general education purposes only and does not constitute specialist advice. Because of this, you should consider the appropriateness of the advice to your situation before taking any action.
The information in this web page refers only to loans or products provided by our panel of lenders or product providers with whom Mortgage Choice Limited and Mortgage Choice Financial Planning Pty Limited have an arrangement under which they receive commissions and other payments. Not all brokers sell the products of all lenders and not all advisers will recommend the products of all providers.
Paul can look at this loan structure in the right context.
Fixed, split, interest-only and investment loans use different features, costs and repayment structures, so they are better compared separately.
This calculator is designed for owner-occupied, principal & interest, variable-rate loans. Paul can review other loan structures separately.
See what the repayment difference could leave in your monthly budget.
The comparison uses your current loan balance, the repayment you are already making and the remaining term you enter.
It shows the illustrated repayment at the displayed reference rate over the same remaining term, then shows what the gap adds up to over 12 months. It also keeps the longer-term comparison visible so the lower repayment is not shown in isolation.
Three things worth knowing about the comparison.
The calculator is deliberately simple. These are the important limits.
What rate are you comparing me against?
One current publicly advertised variable refinance reference rate published by Mortgage Choice. It isn't your rate, a quote or a promise that you'd qualify. The result shows the rate, source and published update date used in the calculation.
Why don't you reset the comparison to 30 years?
Extending the loan term can make a monthly repayment look much lower even when part of that reduction simply comes from spreading the debt over longer. This comparison keeps your remaining term the same.
What if I have money sitting in an offset?
A meaningful offset balance can reduce the amount of your loan being charged interest. This first-pass calculator doesn't model the offset balance, so if you tell us you use one, the result will flag that the real interest difference may be smaller.
What clients say about working with Paul.
These are recent Google reviews from Paul's clients.
“I worked with Paul Wrensted at Mortgage Choice to refinance both my home loan and my investment loan, and I'm really glad I did. He took the time to explain my options properly, found me a much better rate than what I was on, and handled the paperwork so I didn't have to chase anything. The whole process was smooth and the savings are real.”
TN“I can’t recommend Paul Wrensted from Mortgage Choice highly enough. After spending three months with another mortgage broker who ultimately couldn’t help us, we came to Paul and he had us sorted in no time.
Paul was professional, approachable and incredibly easy to work with. He walked us through every step, kept us updated throughout the process and explained the options available so we could choose what suited us best. Having someone so responsive and helpful made a huge difference after our previous experience.
Thank you, Paul, for making the whole process so much easier. We wouldn’t hesitate to recommend you!”
JB“Our refinance definitely wasnt a straightforward one... Paul at Mortgage Choice made the whole process feel so much easier than it could have been. He was incredibly patient with all of our questions, always took the time to explain things to us...”
MP
Turn the illustration into a real-world comparison.
Paul Wrensted has spent more than 30 years in finance. The calculator shows the numbers you entered against a published reference rate. Paul can then look at lender eligibility, the rate actually available to you, refinance costs, loan features and how those pieces fit your situation.
Could the same repayment get you there sooner?
Compare your current loan with the advertised reference rate without stretching the loan term.