Mortgage Refinance Calculator
See how much you could save by comparing your current mortgage to interest rates today.
Are you wondering if your current home loan is still the best fit for your financial goals? At Westgate Home Loans, we make it simple to compare your current mortgage against today’s market-leading rates. Use our refinance calculator below to see your potential savings in seconds.
Why Use a Refinance Calculator?
Refinancing isn’t just about finding a lower interest rate; it’s about optimising your entire financial strategy. Whether you want to reduce your monthly repayments, pay off your loan sooner, or unlock equity for renovations, our tool provides the clarity you need.
What our calculator shows you:
- Monthly Savings: The immediate impact on your household budget.
- Total Interest Saved: How much less you’ll pay over the life of the loan.
- Break-even Point: When your savings will outweigh the costs of switching.
- Loan Term Comparison: See how changing your term affects your bottom line.
How to Refinance with Westgate Homeloans
Refinancing should be rewarding, not stressful. We’ve streamlined our process to get you from searching to settled faster than ever.
- Calculate: Input your current loan details and see your potential savings.
- Compare: View our range of fixed and variable products tailored to your needs.
- Save: Once approved, we handle the discharge process with your old lender for you.
Is Now the Right Time to Refinance?
With the 2026 market shifts, many homeowners are finding that even a 0.25% difference in interest rates can lead to thousands of dollars in savings.
Expert Tip: If your ‘honeymoon period’ or fixed-rate term is ending in the next 6 months, now is the time to calculate your move to avoid falling onto a high revert rate.
Frequently Asked Questions (Refinance Calculator)
Q. Does refinancing cost money?
A. While there may be discharge fees from your current lender and application fees for a new loan, many of our loan options work out much better in the long run, ensuring your break-even point is reached quickly.
Q. How long does the refinance process take? A. At Westgate Home Loans, our digital-first approach means most customers receive finance approval within 2-3 business days.
Q. How much equity do I need to refinance?
A. Generally, most lenders prefer you to have at least 20% equity in your home to avoid paying Lenders Mortgage Insurance (LMI). However, at Westgate Home Loans, we offer flexible refinancing options for those with as little as 5% to 10% equity.
