Easy Mortgage Refinance Calculator
Looking to refinance your home loan? Easily assess your options using our Mortgage Refinance Calculator. Estimate Your Property Refinance Repayments Now!
This calculator comparison chart is provided for general reference purposes only. It is not in any way intended as a loan application, it is not a quote for finance or any indication that an application has been received or approved. The repayments quoted may not include all the fees and charges that may be applicable. The interest rates and the repayments displayed do not account for any conditions pertaining to your individual loan application. Therefore the interest rate and repayment you may be offered may vary from the amount shown.
Simply Compare Property Finance Rates with Our Mortgage Refinance Calculator
A change in interest rates is one of the most popular reasons for homeowners to consider refinancing their home loan. It may be as a result of a market fluctuation in rates, current rates causing budget pressures due to changes in economic situations, or a desire to move from/to a fixed or variable rate.
Our calculation device makes it quick and easy to compare rates based on repayments for the amount required for the loan. Our device has the technology and capability to deliver complex calculations accurately, for both variable and fixed home loan rates. While the calculations are complex, using the device is simple – enter the amount you need to refinance, the term required and the rates you are wanting to compare. The device will deliver the repayment outcome.
Start with our current rate for your preferred loan product. We are extremely competitive, and hard to beat when it comes to securing the best rates.
Rates can be critical when taking on a new home loan and when refinancing. At Yes Home Loans, we use our 80+ lender connections to secure the most competitive rates currently available in the vast home lending market. Selecting the lender that best suits the requirements of each homeowner to ensure the rates are the best possible. Our brokers individually source rates and loan options in line with customer objectives, profiles and the key purpose for the refinancing. To discuss your objectives and your individual best rate sourced, connect with a Yes Home Loans broker.
- Compare rates with quick repayment estimates.
- Calculate estimates for fixed and variable rate loans.
- Secure best refinancing rates – 80+ lender selection.
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Nearing the end of a fixed rate home loan term? Wanting to change from a fixed to a variable rate loan? Considering switching lenders to secure a better deal? Interest rates have changed and you want to assess your options? Had a change in financial or personal circumstances and need to change your home loan commitments? Reorganising your investment property portfolio?
If the time for refinancing your home loan is now, Yes Home Loans has the calculation tools and expert brokers to provide you with the information to make the move. To get started, our brokers can assist with a home loan health check and our home loan calculating device is a convenient, easy-to-use tool to quickly compare interest rates, compare lenders, and assess your options. The device is suitable for owner-occupier and investor loans, for both fixed and variable rates, and for all types of residential properties.
Get started with calculating your repayment estimates for refinancing your property loan.
Estimate, Assess, Compare – Get the Answers You Need with our Mortgage Refinance Calculator
The process of refinancing a home loan involves securing a new financing arrangement to replace the existing arrangement. It may be arranged with the same or a different lending product and with the same or different lender. There can be costs associated with refinancing – both with finalising the existing arranging and setting up the new arrangement. The objective of refinancing is generally to incorporate all costs into the new loan. Lenders will typically require a valuation of the property in order to provide an exact quote. While new home loans require a deposit, the equity already built up in the property is used as the equivalent to a deposit when refinancing. Lenders will be looking at the LVR – loan to value ratio, the amount of the loan compared with the value of the property, in conjunction with the owner’s equity level. As with all lending, the financials and credit profile of the homeowner are assessed as part of the application process.
A major decision when refinancing is deciding whether to opt for a fixed or variable interest rate loan. To assist in assessing the options, homeowners can calculate estimated repayments based on both rates for comparison purposes. Being mindful that a fixed rate will remain unchanged for the term as designated by the lender – usually 2-5 years. A variable rate can change in line with lender rate changes and RBA cash rate decisions.
There are costs associated with refinancing a home loan. The current lender will typically apply discharge fees for finalising the loan and the new lender will apply the usual fees and charges associated with establishing a new loan. Fees can vary with lenders. Any costs of refinancing can be considered against the potential benefits to be realised. These may be lower monthly mortgage payments due to a better interest rate or restructured loan. Include the costs associated with finalising the existing loan as the loan amount when calculating estimates. A request for a payout figure is required to establish exactly how much needs to be refinanced. Your Yes Home Loans broker can handle that for you, if desired.
Refinancing can be complex with thousands of home loan products available in the lending market and an extremely large selection of lenders. Finding the right lender, the bank or finance company that is the ‘best fit’ for individual objectives, can be integral to achieving the best outcome. As specialists in property financing, Yes Home Loans provides a comprehensive service with highly skilled brokers and access to more than 80 lenders. We know what products are in the lending market at any one time, we know what lenders are offering the rates and best deals, and we liaise with lenders on an industry level. We operate on behalf of customers to deliver the best options for consideration. Consult with one of our brokers to discuss how we can assist you.
Homeowners may consider how to potentially improve the outcome of refinancing a home loan, from the perspective of the property and the perspective of their financial position and current loan scenario. Having one of our brokers undertake a Home Loan Health Check can be a positive first step. This involves reviewing your current loan and highlighting where we see potential savings could be made and advise on any better options for consideration. Improving the personal credit position is always advisable when applying for finance. This may be achieved by paying down other debts or credit card balances if possible. From the property perspective, a valuation is typically required by the lender. Presenting the property in the best condition with repairs and small improvements, may enhance the value, improve the loan to value ratio and improve the loan offer.
What is involved in refinancing a home loan?
The process of refinancing a home loan involves securing a new financing arrangement to replace the existing arrangement. It may be arranged with the same or a different lending product and with the same or different lender. There can be costs associated with refinancing – both with finalising the existing arranging and setting up the new arrangement. The objective of refinancing is generally to incorporate all costs into the new loan. Lenders will typically require a valuation of the property in order to provide an exact quote. While new home loans require a deposit, the equity already built up in the property is used as the equivalent to a deposit when refinancing. Lenders will be looking at the LVR – loan to value ratio, the amount of the loan compared with the value of the property, in conjunction with the owner’s equity level. As with all lending, the financials and credit profile of the homeowner are assessed as part of the application process.
What is the best refinancing interest rate? Fixed vs Variable
A major decision when refinancing is deciding whether to opt for a fixed or variable interest rate loan. To assist in assessing the options, homeowners can calculate estimated repayments based on both rates for comparison purposes. Being mindful that a fixed rate will remain unchanged for the term as designated by the lender – usually 2-5 years. A variable rate can change in line with lender rate changes and RBA cash rate decisions.
What are the costs and benefits of refinancing?
There are costs associated with refinancing a home loan. The current lender will typically apply discharge fees for finalising the loan and the new lender will apply the usual fees and charges associated with establishing a new loan. Fees can vary with lenders. Any costs of refinancing can be considered against the potential benefits to be realised. These may be lower monthly mortgage payments due to a better interest rate or restructured loan. Include the costs associated with finalising the existing loan as the loan amount when calculating estimates. A request for a payout figure is required to establish exactly how much needs to be refinanced. Your Yes Home Loans broker can handle that for you, if desired.
How do you use a broker to get the home loan refinancing?
Refinancing can be complex with thousands of home loan products available in the lending market and an extremely large selection of lenders. Finding the right lender, the bank or finance company that is the ‘best fit’ for individual objectives, can be integral to achieving the best outcome. As specialists in property financing, Yes Home Loans provides a comprehensive service with highly skilled brokers and access to more than 80 lenders. We know what products are in the lending market at any one time, we know what lenders are offering the rates and best deals, and we liaise with lenders on an industry level. We operate on behalf of customers to deliver the best options for consideration. Consult with one of our brokers to discuss how we can assist you.
How can you improve your outcome? Helpful tips when refinancing a home loan
Homeowners may consider how to potentially improve the outcome of refinancing a home loan, from the perspective of the property and the perspective of their financial position and current loan scenario. Having one of our brokers undertake a Home Loan Health Check can be a positive first step. This involves reviewing your current loan and highlighting where we see potential savings could be made and advise on any better options for consideration. Improving the personal credit position is always advisable when applying for finance. This may be achieved by paying down other debts or credit card balances if possible. From the property perspective, a valuation is typically required by the lender. Presenting the property in the best condition with repairs and small improvements, may enhance the value, improve the loan to value ratio and improve the loan offer.
Practical, Useful Mortgage Refinance Calculator – Quickly Obtain Figures Required
- Calculate repayments with fixed and variable interest rates.
- Estimate refinancing for owner-occupier and investor properties.
- Improve financial position with effective refinancing.
- Utilise broker services for extensive lender and product coverage.
- Estimate repayments for cost-benefit analysis.
User-Friendly, Convenient Mortgage Refinance Calculator – Online access for private, confidential estimating and comparing
Our calculation device is easily accessible online so homeowners can estimate their refinancing options in the privacy of their home prior to contacting us or their lender. The device is extremely easy to use as the calculations are all carried out for you.
You will need a loan amount to enter. The aim will be to include the amount required to finalise the existing loan, plus the fees due to the current lender and the fees associated with the establishing the new loan. The new loan fees will not be known until the lender is selected and the device does not allow for these. To obtain as close a figure as possible, contact your current lender for the outstanding loan amount and a payout figure. Enter this as the borrowing loan required.
The term may be the term outstanding on the current loan or another timeframe. The interest rate to enter may be Yes Home Loans’ latest competitive rates, or a rate from another lender. With the fields filled the monthly repayment estimate is displayed.
To compare a different rate from a different lender or for a different lending product, simply type the new rate in and not the new repayment figure calculated. It’s that simple, that fast, and that convenient to obtain refinancing repayment estimates using Yes Home Loans’ refinancing calculation device. Start estimating now!
- Convenient online access for private, confidential estimating.
- Simple operation – enter a few figures for fast repayment estimates.
- Flexibility – change rates, terms, loan amounts to generate comparisons.
Directly Access Experts to Secure Best Mortgage Refinance Options
To have your refinancing requirements handled swiftly and expertly, contact Yes Home Loans for a broker consultation. We’re experts in property financing and can assess your current loan and provide options for achieving a better finance deal. Our brokers are highly experienced and have access to a very large lender base to ensure we can secure the most suitable and effective refinancing product to suit individual objectives.
No third party reference is required to use Yes Home Loans – simply connect with us online or phone and discuss your objectives with one of our brokers.
Most Frequently Asked Questions About Mortgage Refinancing
What is involved in a mortgage refinance?
Home loan refinancing involves replacing the current home loan with an entirely new loan contract. The new loan may be with a new or the same lender and with the same or a different lending product. The interest rate on the new loan is based on current market rates and the current credit position of the homeowner.
What figures can be obtained using a mortgage refinance calculator?
Homeowners can use a home loan refinancing calculator to generate estimated repayments for their new refinanced loan. Estimates can be generated with a range of lender interest rates and loan options to assess available options.
If I refinance a mortgage does it have to be with the same lender as the current loan?
No. When refinancing a home loan, homeowners may consider options with any lender. There are many lenders in the home loan market. There is no obligation to stay with the same lender.
What will be my savings with refinancing a mortgage?
The objective of refinancing for most homeowners is to realise a savings in interest or in monthly repayments. Any savings that may be delivered via refinancing, will be dependent on individual situations.
Can I change my home loan monthly payments with refinancing?
If a homeowner is seeking to reduce the amount of their monthly home loan payments through refinancing, this should be advised to the broker or lender. The broker or lender can pursue options for either achieving a lower rate over the same term to reduce the monthly commitment, or extending the term to deliver a lower monthly repayment.
What is a Home Loan Health Check?
A home loan health check is conducted by a mortgage broker and involves reviewing and assessing a homeowner’s current loan arrangement. The broker looks at the rates and the conditions of the loan, identifies where savings or benefits may be realised with a different loan arrangement.
What will my home loan interest rate be if I refinance?
Refinancing interest rates are based on the individual assessment of the application.
What is meant by discharge fees?
Discharge fees are fees charged by lenders when borrowers finalise a loan prior to the agreed end of the finance term.
Is mortgage refinancing with a variable or a fixed rate of interest?
Refinancing a home loan may be with a fixed or a variable rate. The choice of which is the most suitable can be based on the rates at the time and the individual objectives and preferences of the homeowner.
Does mortgage refinancing have to be only when a term is ending?
No. Homeowners do not need to wait until the end of a current loan term to consider refinancing. Refinancing options may be explored and enacted at any time.
Let Yes Home Loans simplify the process by taking care of the complicated steps for you
