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Thinking to Refinance?

You’re in the right place.

Start by seeing how much you could save if interest rate is the main reason you’re considering refinancing.

While there are several other reasons why refinancing can make sense as part of a broader financial plan, let’s begin with a quick calculation below to give you a clear starting point.

Refinance savings calculator

WizWealth Finance Melbourne

Refinance savings projection

Monthly saving available

Current

$0

New

$0

Mo. saving

$0

5y total

$0

Break-even window: 0.0 mo
Interest saved: $0
Book free refinance review

Melbourne Mortgage Brokers: This precision tool estimates potential refinance savings for Australian residents. WizWealth Finance compares 40+ lenders including major banks. Estimates only. Not financial advice.

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Still not sure if you should refinance or not?

Refinance is not just about getting a cheaper interest rate, there can be number of other greater objectives that drive a refinance

Listed below are some benefits and considerations to help you decide

  • Lower interest rates: Significant long-term savings by securing a more competitive market rate.
  • Improved monthly cash flow: Lower your periodic repayments to free up capital for other life expenses.
  • Equity release: Access the value built into your property for renovations, debt consolidation, or new investments.
  • Advanced features: Switch to a loan that offers offset accounts, redraw facilities, or split-loan flexibility.
  • Consolidated debt: Roll higher-interest debts like credit cards or car loans into your lower-rate mortgage.
  • Refinancing costs: Consider discharge fees from your current lender and application fees for the new loan.
  • Break costs: Ending a fixed-rate loan early can trigger substantial "break" fees.
  • LMI implications: If your equity has dropped or is under 20%, you might need to pay Lenders Mortgage Insurance again.
  • Resetting the term: Be careful not to restart a 30-year term if you are already years into your current loan.
  • Credit file impact: A new loan application involves a hard credit check which can impact your score temporarily.
Speak to one of our Specialist today!

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