Mortgage Refinance Estimate – Calculate Your Savings

What determines your refinance estimate?

A refinance estimate depends on several financial factors that reveal whether switching loans will save you money. It’s not just about the new interest rate, it’s a full assessment of your existing loan, new costs and long-term cash-flow impact.

Key elements influencing your estimate:

• Current loan balance and remaining term: Define how much you’re refinancing and over what period.

• New interest and comparison rate: The comparison rate shows the true cost and potential savings.

• Exit fees: Fixed-rate loans or specific terms may include penalties for leaving early.

• New lender fees: Application, valuation and government charges must be included.

• Loan to Value Ratio (LVR): A lower LVR typically qualifies you for better rates.

Because fees and policies vary widely, calculating an accurate estimate alone is difficult. HeyNest connects you with an independent broker who evaluates all factors and provides a clear, tailored refinance estimate.

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Calculating potential savings in your refinance estimate

The goal of a refinance estimate is to determine whether the long-term savings outweigh the switching costs. The comparison rate is the most reliable indicator of overall value.

Key savings considerations:

• Monthly repayment reduction: The immediate difference between old and new repayments

• Total interest saved: A lower rate can significantly reduce lifetime interest.

• Loan term adjustment: Keeping repayments the same while shortening the term saves years of interest.

• Debt consolidation benefits: Lowering the cost of existing high-interest debts by rolling them into your home loan.

Comparing these scenarios across multiple lenders can be time-consuming. HeyNest brokers model each option clearly, helping you identify the refinance structure that delivers the greatest savings.

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When should you get a refinance estimate?

Timing is critical. Requesting a refinance estimate during favourable market or personal changes can dramatically improve your financial position.

Ideal times to seek an estimate:

• End of a fixed rate period: Avoid reverting to a higher variable rate.

• Significant rate drops: Your current lender may not pass on reductions.

• Increased property value: More equity lowers your LVR and unlocks better rates.

• Improved financial position: Higher income or better credit expands your options.

• Access to equity: For renovations or investment purposes.

HeyNest gives you access to independent experts who track market movements and advise when conditions are optimal for obtaining a competitive refinance estimate.

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Frequently asked questions

How long does the refinance process typically take?

Generally, the process takes 4-8 weeks, depending on the speed of the new lender and settlement timelines.

Will refinancing hurt my credit score?

A formal application will result in a hard enquiry, which may temporarily affect your score, but shopping around with a single broker causes fewer enquiries.

What is 'cashback' in a refinance offer?

It is a lump sum paid by the new lender upon settlement, designed to cover or offset the switching costs.