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Yes. Refinancing can reduce your required monthly repayment and still cost more overall if the new loan stretches repayment over a longer term. Compare the proposed loan with your current loan over the same period, including fees and the years left to repay—not just the interest rate or first repayment.
How a lower repayment can mean more interest
When you refinance, a new repayment schedule may effectively restart the loan clock. If you have fewer years left on your current mortgage but take out a new loan with a longer term, you make repayments for longer and interest continues to accrue for that extra time. ASIC Moneysmart puts it plainly: “The longer you have a loan, the more you’ll pay in interest.” (ASIC Moneysmart, “Switching home loans,” updated 29 July 2026.)
A lower rate can still make switching worthwhile, but the rate alone does not settle the question. The monthly payment can fall because the new rate is lower, because the repayment period is longer, or because of both. Check which change is doing the work and compare total costs over a consistent horizon.
Compare the loans on equal terms
Before accepting an offer, line up your existing loan and the refinance proposal using the details in your loan documents and the lender’s written offer.
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- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan AMT, Int, Term, PMT. This industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and much more
- CONFIDENTLY AND EASILY SOLVES: All your clients' financial questions whether they are buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: At the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or tvm calculations Find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: Reduce your clients' confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket User's Guide, and long-life batteries
- Remaining versus proposed term: Note how many years remain on your current loan and how many years the new loan would run. Ask whether you can keep the remaining term rather than extend it.
- Rate and repayment: Compare the interest rate, repayment amount, and whether the rate is conditional on particular features or requirements.
- Total cost over the same period: Compare what you would pay over an equivalent period, accounting for the loan balance still outstanding at the end of that period. A lower monthly figure by itself does not show which loan costs less.
- Fees and other charges: Check for fixed-rate break fees, discharge fees, application fees, internal switching fees, stamp duty, and any other charges that apply to your situation.
- Equity and LMI: If you have less than 20% equity, lender’s mortgage insurance (LMI) may apply when switching. Include it in the calculation; it can offset interest savings.
- Useful features: Consider whether the new loan retains features you actually use, and include any conditions or costs attached to them.
Ask your current lender for a better offer before moving. Moneysmart says a lender may reduce your rate to keep you as a customer; compare any revised offer with external loans and their costs. Its home-loan switching guidance also provides a calculator to estimate whether a switch saves money and how long it takes to recover switching expenses.
Work out whether switching costs are recovered
Switching costs matter because savings on repayments may take time to outweigh fees. Estimate the total costs that apply, then compare them with the savings over the same period. The break-even time is the point at which accumulated savings have covered the switching expenses; a longer break-even period leaves less time for the switch to deliver a net benefit if your circumstances or loan plans change.
Rank #2
- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan Amt, Int, Term, Pmt; this industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and more
- CONFIDENTLY AND EASILY SOLVE: Clients' financial questions whether they're buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions from PITI Payments to IRR, NPV and Cashflows
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: For your client at the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or TVM calculations find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: To your clients by reducing their confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket user's guide, long-life battery, 1-year warranty
Moneysmart’s switching page illustrates the method with Simon and Tiana, who are described as saving $84,040 ($280 a month) over a 25-year loan and recovering switching costs in five months. That is an example on the guidance page, not a typical saving or a prediction for another borrower.
Use calculators as estimates, not forecasts
ASIC Moneysmart’s mortgage calculator models principal-and-interest loans, assumes the interest rate stays unchanged for the life of the loan, and excludes upfront establishment fees. It does not assess your personal circumstances or loan eligibility. Moneysmart cautions: “This is a model, not a prediction.” (ASIC Moneysmart, “Mortgage calculator,” updated 2 October 2026.)
Use a calculator to explore scenarios, then check the figures against actual lender terms and all applicable costs. A calculator result cannot establish whether a lender will approve you or whether a particular loan suits your circumstances.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What to ask before signing
- Can the lender offer a lower rate on my existing loan?
- What will the new loan term be, and can I keep my current remaining term?
- Which fees, insurance costs, or duties apply to my switch?
- How does the total cost compare over the same period, including the balance left at the end?
- How long will it take for savings to recover switching costs?
- Are the advertised rate and repayment subject to conditions, or dependent on features I may not use?
This is general consumer information, not an assessment of an individual loan. Read the loan documents and compare offers based on your own balance, remaining term, costs, and circumstances.
Quick Recap
Rank #4
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