General information only — not financial advice. This content is intended as educational guidance. Consult a qualified financial adviser, mortgage broker, or legal professional before making financial decisions. See our full disclaimer.
The most impactful way to reduce repayments. If you're paying more than the average variable rate, switching lenders can save hundreds per month. A 0.50% reduction on a $600,000 loan saves approximately $175/month or $2,100/year.Use our refinance calculator to check your break-ev
Start by calling your current lender for a rate discount (Strategy 5) — it's free and takes 15 minutes. If they won't match competitor rates, refinance (Strategy 1). Only consider extending the term or switching to IO if you need immediate cash flow relief.
Strategies 2, 3, and 4 (extending term, IO, debt consolidation) reduce monthly payments but increase total interest. Strategies 1 and 5 (refinancing, rate negotiation) reduce both monthly payments and total cost. Always prefer rate reduction over term extension.
Use our free calculator to get personalised results based on your specific situation. No sign-up required.