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Find out how much you could save on your home loan with our refinance calculator.
Refinance calculator.
Find out how much you could save on your home loan with our refinance calculator.
1. Enter your principal & interest rate
2. Adjust your current loan details
30
3. Compare
Variable 3.89% | 4.30%
Maximum 80% LVR
?
For information and rates applicable to home loans with LVR above 80% you should compare our products here.
You could
save.
Reduce your interest and repayments by around(a):
$92per month
Putting this amount back into your loan could save you(b):
$21,799
That's equivalent to(c):
7 monthstime saved in paying off your loan
Well done you
Seems like you're already on a great rate
that we can't beat. High five!
How does the calculator work?
(a) Periodic interest savings and reduced repayments
Periodic interest savings and reduced repayments is the amount the calculator estimates you could save in interest and repayments periodically over the life of your new ME loan if you were to refinance your current loan with the ME loan you select. The interest savings amount will be higher initially and reduce each month as your principal reduces. You should also assess the differences in any annual package fees and other fees and charges.
(b) Savings over the life of the loan if you pay the periodic savings amount back into your loan
(b) Savings over the life of the loan if you pay the periodic savings amount back into your loan is the amount the calculator estimates you could save in interest over the life of your new ME loan assuming you use all your periodic savings to make a prepayment at the end of each repayment period. Assumes $525 of discharge and mortgage registration fees and takes account of annual package fees if known.
(c) Savings in time taken to repay the loan
(c) Savings in time taken to repay the loan is the length of time the calculator estimates your new ME loan could be paid off earlier than your current loan assuming (1) you use all your periodic savings to make a prepayment on your new ME loan at the end of each repayment period and (2) you would have continued to make only the required repayments on your current loan had you not refinanced. The calculator makes various assumptions to provide only an estimate of savings. This estimate is based on the ME loan product you select for comparison and the details of your current loan that you enter for rate, loan amount, term remaining in years and repayment amount and frequency. If you’re not sure of the rate you’re currently charged, you can select a home loan from a sample currently on the market in the drop down menu and we’ll insert the rate for you. But note these sample rates are sourced from the Canstar comparison site and might be different to the rate you’re being charged. The calculator assumes that your new ME loan would have the same loan amount and term as the loan amount and term remaining you enter for your current loan. Each year is assumed to have 52 weeks or 26 fortnights, each month is assumed to be of equal length and rates and repayments are assumed to remain constant.
One of our home loan specialists will be in touch within 24 hours to answer any of your questions or to book an appointment to meet in person at a time and place that suits you.
One of our home loan specialists will be in touch within 24 hours to answer any of your questions or to book an appointment to meet in person at a time and place that suits you.
Privacy statement.
Privacy statement.
Refinancing tips & tricks.
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Understanding how to refinance your home loan can feel daunting. We’re here to make it easier.
Find everything you need to know about getting yourself a better home loan deal.
What does this refinance calculator show me?
Our refinance calculator can show you how much you can save on your repayments by refinancing your home loan with ME. You can also see how much in interest you can save over the life of your loan and the amount of time you could save paying off your loan if you put the savings in monthly repayments back into your loan.
How do I use the refinance calculator?
You can use this refinance calculator simply by entering your current home loan details, including:
- Your current home loan interest rate
- Your loan balance
- Your estimated property value
- The length of the remaining loan term
- Whether your property is an owner occupier, or investment property
What is refinancing?
Refinancing refers to moving your current loan to a new loan. This could be from a different type of loan to a new one with the same lender or moving from one lender to another. This is usually done to try to take advantage of a lower interest rate to reduce the monthly mortgage repayments.
Should I refinance my home loan?
Typically, refinancing your home loan every few years or so is a great idea as you can score great savings on your home loan. However, it does depend on your current home loan situation.
If you have just refinanced your home loan, or you have just entered a new home loan, then lenders may be hesitant to approve your refinance. Additionally, there are costs associated with refinancing, so it is important to make sure you have weighed up all the pros and cons of refinancing before doing so.
How do you calculate if refinance is worth it?
To calculate if refinancing is worth it, there are a few factors you might need to consider. The first is the interest rates, lower interest rates will save you money over the life of your loan. When you refinance a mortgage, you’ll typically have to pay closing costs. These need to be factored in to determine if you’ll save money. It’s also important to consider the loan term. If you’re extending your loan term you may end up paying more interest overall even if monthly repayments are lower. And finally, loan type. If you’ll be moving to a fixed rate from a variable, the consistent monthly payments may be worth the refinance. Use the ME Bank refinance calculator to understand the difference in monthly repayments and how putting that difference back into the loan could save you time in paying off your loan to help calculate if it’s worth refinancing.
The legal stuff.
The legal stuff.
- Member Package annual fee of $395 applies.
- Interest rate is current at
15-Dec-2024 and is subject to change. The -2.09% p.a. discount is offered off the reference rate for variable Flexible Home Loans with a Member Package where (i) the primary loan purpose at application is owner occupied (ii) repayments are principal & interest (iii) the loan amount is above 50% and less than or equal to 60% of the value of your property (“LVR”). (iv) the loan amount is from $400,000 to $699,000 and (v) the application is for a new home loan. The discount cannot be used with any other rate promotion. Existing applications, internal refinances, top ups, additional advances or variations of existing home loans are not eligible. We may change or withdraw this discount at any time. If you apply after the discount has been withdrawn the Flexible Home Loan with Member Package variable rate without discount (the reference rate) will apply.
- Comparison Rate based on a Flexible Home Loan with Member Package of $150,000 for a term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
- This is general information only and you should consider if this product is right for you. Terms, conditions, fees and charges apply.
- Loan to Value Ratio (LVR) is the loan amount divided by the value of your property (determined by ME at assessment), multiplied by 100.
Terms, conditions, fees and charges apply. Applications are subject to credit approval.