Personal loan refinance calculator: compare the full remaining cost.
Compare keeping one existing personal loan with replacing that same debt. A smaller regular payment is not necessarily a cheaper loan. Use both written schedules to see the future cash payments before discussing suitable options with a broker.
Australia-wide broker support. Approval and final terms depend on lender assessment.
Personal loan refinance calculator
Compare written repayment schedules for the same existing debt, with no extra cash borrowed. Include ongoing charges in each regular payment, or enter their remaining total under additional fees. All amounts are AUD.
Figures stay in this calculator; they are not included in analytics or sent with your enquiry.
Start with both schedules, or load an illustrative example.
Totals use exact payment counts. Monthly equivalents and approximate terms use 52 weeks or 26 fortnights per year; actual calendar debits differ. Excludes rate changes, missed payments, future extra repayments and unentered costs.
A payout funded by the new loan is already in its quoted repayments—do not add that principal again. Zero regular payments is valid only for a positive final-payment-only obligation. Unequal terms are cash totals without discounting for timing.
Compare security and conditions as well as cost. Switching unsecured debt to a secured loan can put the asset at risk. If repayments are difficult, ask your lender about hardship support before borrowing more.
Before you switch
Resolve the costs and conditions behind the repayment schedule.
- 01
Use the same debt
Ask for a dated payout quote and a replacement quote for that debt. This tool is not for consolidating several debts or adding new borrowing. Money already repaid is not part of the comparison.
- 02
Check fees and repayment flexibility
Identify exit and setup costs, ongoing fees and any conditions on extra repayments. Put each charge in the calculation once. If the new loan finances a fee, its repayment schedule should already reflect that fee.
- 03
Check what secures the new loan
A secured replacement can change your risk, even if the quoted cost is lower. Understand which asset could be at risk and any guarantee before agreeing to a new obligation.
Personal loan refinancing questions
Moneysmart: debt consolidation and refinancing ↗Can I refinance an unsecured personal loan?
Potentially, subject to the new lender's assessment and the current loan's payout conditions. Share your current schedule, payout quote and financial circumstances with the broker. The calculator does not establish eligibility.
Why can a lower personal-loan repayment cost more?
A longer term may spread payments out while increasing the total paid. Compare the number of payments and all fees, not just the regular amount. The result flags a longer replacement schedule.
Can I use this for debt consolidation?
Not for several debts combined: this tool compares one existing debt with one replacement schedule and no extra borrowing. Multiple debts, changing credit limits and different security need a broader review.
What if I am already struggling with repayments?
Contact your lender about hardship assistance before taking on another loan. Free financial counselling may also help. Refinancing is not guaranteed to solve an affordability problem.