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Variable rate home loan refinance calculator

Let's do the maths to estimate how much you could save if you were to switch to one of ING's variable rate home loans. We'll need some information about your current loan, which will help us calculate a comparison to one of our variable rate home loan products. At the end, you'll get an idea of the amount you could save in interest repayments over the remaining term of your loan.

Please note: This calculator is only relevant if you currently have a variable rate, Principal and Interest loan with a Loan to value ratio (LVR) of 80% or less and a remaining term of 30 years or less. To refinance to ING you must have a LVR of 80% or less.

About your current loan

Loan balance:

Term remaining (years):

Current interest rate:

Repayment frequency:

Choose an ING variable rate home loan to compare



Principal & Interest rate:

Comparison rate:

How much could I save?

Option 1: Extra savings in your pocket

By switching your loan to ING and paying your new minimum repayment amount you could save:

Interest savings


Each fortnight

Option 2: Pay down your home loan faster

By moving to ING and keeping your repayments the same as they are now (with your current lender) you could save:

Interest savings


Over the life of your loan


0 month(s)

Off the term of your loan

Based on the information you input about your current loan it seems you may be better off staying with your current lender.

What about fees? Even if your repayments or interest charges could be lower if you switch to ING, it is important to note that it may take some time to recoup the costs of switching. This calculator does not take into consideration discharge fees, legal fees or any applicable break cost fees which you may incur when leaving your current lender, nor does it take into account the cost of any settlement fees or charges that apply to a new ING home loan. Please consider your personal situation and the impact of any fees and charges that might apply to a switch or on an ongoing basis.

Important: Results of the refinance calculator are not an offer of credit. Any application for credit is subject to ING's credit approval criteria. The amounts above are indicative only. For more information please refer to the 'How does this calculator work?' section below.

How does this calculator work?

Some important things for you to know.

  • The results provided are estimates based on the interest rate entered by the customer and the current applicable ING interest rate, and do not account for changes that may occur over the life of the loan e.g. changes to the interest rate. The customer is making the minimum P&I repayments on the current loan, based on the entered remaining loan balance, interest rate and term remaining. The term remaining entered is in whole years. The ING loan balance will be same as the current loan balance, based on LVR of up to 80%. The ING loan term will be same as the term remaining on the current loan. Each year has 12 equally sized months, 26 fortnights and 52 weeks. In reality, many loans accrue on a daily basis leading to a varying number of days' interest dependent on the number of days in the particular month. The customer will make the same repayment amount for the entire loan duration, even though minimum repayment amounts will likely change for a variety of reasons, including to reflect interest rate changes and changes to repayment type (e.g. to interest only). Repayments are payable, and interest is charged, monthly and on the same day.
  • The calculation assumes you are only making the minimum repayment calculated for your current loan, and not a different amount. The results in Option 2 assume the customer will set repayments for the example ING loan at the amount estimated by this calculator as being the minimum repayment amount their current loan, instead of the default minimum repayment setting for the example ING loan. The minimum repayment of the current loan is calculated based on amortisation of the loan balance entered, the interest rate entered and the remaining term in whole years. Minimum repayments are calculated so that the loan is paid off at the end of the specified term remaining. Where monthly repayments are noted, the calculator assumes 12 equal payments each year. Where fortnightly repayments are noted, the calculator assumes 26 equal payments each year. Estimated repayments are rounded to at least the nearest cent.
  • The Principal and Interest rates displayed are for ING's variable rate products with a maximum LVR of 80%. The current loan is a variable rate facility and no break costs are applicable. Whole months for interest and repayments.
  • The savings estimated in this calculator do not take into consideration any fees incurred in the switching process (e.g. discharge fees, legal fees and other switching costs including application and settlement fees), nor the cost of any ongoing fees. The savings estimated in this calculator do not take into consideration a difference you may pay in your current annual fee and the selected ING product annual fee.
  • The results in Option 2 provides an estimate of the difference in the total interest payable of each loan, between the term remaining of the current loan and the reduced term based on the continued payment of the minimum repayment amount of the current loan.
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