How much can you save?

Home loan refinancing calculator

Find out how much you could save by refinancing with a Tiimely Own home loan.

Current loan

Property usage

Tiimely own

You could save


Putting this back into your loan could save you this amount in interest over the life of your loan.

4 years + 2 months
You could be debt-free of your home loan this much sooner.

These estimates are for our Tiimely Own home loan. Just a note, if you choose a home loan with one of our panel of lenders, your savings may vary based on your specific home loan.

Choose product type
  • Variable

    Tiimely own

    Owner-occupied Principal & interest

    5.94%p.a.Interest rate

    5.95%p.a.Comparison rate

    • No hidden fees
    • Free online redraw on any additional repayments
    • Offset account optional for $10/month
    • Fast approval with Tiimely Turnaround™
    • Only 10% deposit required
    • Unlimited additional repayments
    • Up to 30 years loan term

    Backed and funded by Bendigo and Adelaide Bank

    Please note if you add an offset account, your comparison rate will change.

  • Fixed 1 year

    Tiimely own

    Owner-occupied Principal & interest

    6.42%p.a.Interest rate

    6.04%p.a.Comparison rate

    • Offset account optional for $10/month
    • 5.99% roll-to-rate after 1 year
    • Fast approval with Tiimely Turnaround™
    • No hidden fees
    • Free online redraw on any additional repayments
    • $20,000 additional repayments limit per year
    • Only 10% deposit required
    • Up to 30 years loan term

    Backed and funded by Bendigo and Adelaide Bank

    Please note if you add an offset account, your comparison rate will change.

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Frequently asked questions

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How do I refinance my home loan?

Refinancing is where you take out a new loan to replace your existing home loan, either with the same lender or by switching to a new lender.

You might consider refinancing if you;

  • Are paying too much for your current loan
  • Want a lower interest rate
  • Want a loan with more features such as redraw or an offset account.
  • Want to use the equity in your home to renovate or improve your lifestyle
  • Want to consolidate other debts into your mortgage.

Steps to refinancing

The first thing to do is to look at your current loan including the type of loan it is, the interest rate you’re paying, the features it offers and the fees you’re paying and identify the things you would like to improve with a new loan.

You can then compare it with other loans on offer to find a better deal. Remember to factor in any costs associated with exiting one loan and taking out another.

The best way to check your potential savings is with a refinance home loan calculator.

What documentation will I need to provide?

When you apply for a Tiimely Home loan, the online form we provide isn’t just a 'contact us' or lead capture form, it’s a real loan application form with a real home loan at the end if you’re successful.

That means you’ll need to have your actual documentation at the ready, which includes;

  • ID – we’ll need to digitally verify a form of your ID such as your driver’s licence, Australian passport, Medicare card or foreign passport with an Australian visa. At this point, we'll also run a credit check.
  • Financials – we’ll also need to verify your income, expenses and current financial situation. You can do this by linking your bank account(s) to our secure in-house verification technology, or if you’d rather, by manually uploading copies of your transaction statements.

And that’s it! Applying for a Tiimely Home loan is as easy as it gets! Once you submit your documents and your application, we’ll either approve your loan on the spot or let you know if we need further information.

And remember, if you have questions or are unsure about anything in our application process, don’t hesitate to check your eligibility here or talk to our online chat consultant, who’s standing by to help.

How do you calculate home loan repayments?

To calculate loan repayments, at a very basic level, we take your loan amount, add the total estimated amount of interest we’ll charge over the life of the loan, and then divide that total up into a weekly, fortnightly, or monthly amount (whichever suits you best) based on the length of your loan term.

How we calculate weekly and fortnight repayments

We calculate weekly and fortnightly repayments a little differently. For example, in a fortnightly repayment scenario, instead of multiplying the monthly repayment by 12 and dividing it by 26 fortnights, we simply divide your monthly repayment amount by 2.

The fortnightly repayment amount is rounded up to the nearest dollar. This calculation method ensures you pay the full monthly figure over 2 fortnights. Over time, this means you'll pay off your loan slightly faster and pay less interest than if the repayments were calculated by annualising the monthly figure.

For fixed and interest-only loans

If you’re taking out a fixed or interest-only loan — or a fixed interest-only loan — we’ll also take that into account, as your repayments will change when the fixed and/or interest-only period ends.

How is refinancing calculated?

To calculate whether refinancing is worth it first calculate your monthly savings. To do this, compare the monthly payment of your current lender to the monthly payment of the new loan. Just use our refinance calculator to determine your monthly savings if you refinanced with Tiimely Home.

Next, calculate what it costs to refinance your home loan. These are all the fees it costs to refinance. They include ‘closing your old loan fees’ (such as discharge fees, break fees for fixed home loans etc) + ‘opening your new loan fees’ (government fees, third party fees).

Then divide the monthly savings by your total closing costs to figure out how many months it takes to break even.

How much can I borrow when refinancing?

Every lender has their own formula for calculating your borrowing power, and they generally look at six main factors.

  • Deposit - the larger your deposit, the more you can borrow and the less interest you’ll have to pay on your loan.
  • Income – this is not just how much your household brings in, but how much is left for home loan repayments after the bills and day-to-day expenses are paid.
  • Level of debt – how much you owe on other loans and credit cards will also influence your available income.
  • Savings history – having a savings history of at least 3 months demonstrates to a lender that you’ll be able to manage your home loan repayments.
  • Credit rating – a sound credit rating is one of the first things lenders look at, as it is based on your borrowing and repayment history.
  • Home loan term – a lender will look more favourably at a longer loan term, but remember it will mean you pay more interest over the life of the loan.
  • Property value - a lender may conduct a valuation of your chosen property to determine the amount they are willing to lend you.

​​You can get an upfront estimate of your borrowing power with Tiimely Home with our borrowing calculator.

What are the benefits of refinancing your home loan?

A lower interest rate, lower monthly repayments, and other flexible loan options like access to equity are some potential benefits of refinancing your home loan.

How does Tiimely Own have such low rates?

We’re able to offer market-leading interest rates with no hidden fees because our online process lowers the cost of getting a home loan. Our world-first technology assesses your application as you complete it, drastically cutting the time and cost of assessing and approving your application. We can then pass this saving onto our customers, which is why our interest rates are so low.

How this refinance calculator works

How do I use a refinance calculator?

This online refinancing calculator is simple to use. Type in your current outstanding loan amount, enter the current interest rate that your lender is charging you, and tell us how many years left you have on your home loan. Select your loan purpose (live-in or investment) and hit calculate. We’ll estimate how much you could save on your monthly repayments, plus how much money and time you could save over the life of the loan by putting that amount back into your loan.

Already on a great rate? Well done you! Our home loan refinance calculator will let you know in the unlikely event that you’ve snagged a better or equivalent deal.

What are we calculating?

This refinancing home loan calculator is a guide only, and gives you an estimate of how much interest you could save by refinancing with Tiimely Home, based on the Tiimely Own home loan type selected for comparison, and the loan amount and loan term you entered. This estimate assumes your rate is the same over the life of your loan. You’ll get a qualified assessment when you begin an application, and enter the specifics of the property, your loan type (including whether or not you select an offset account), personal details and your financials.

How we work out the monthly savings

We estimate how much you could save in principal and interest repayments periodically if you were to refinance from your current rate, to the Tiimely Own home loan rate you select, over a 30 year loan term. The interest savings amount will be higher initially, and then reduce as your principal loan amount reduces.

How we work out the savings over the life of the loan

We assume that the monthly savings made from refinancing with a Tiimely Own home loan (as explained above) are paid back into the loan at the end of each repayment period, and that both rates (your existing home loan rate and the new Tiimely Own home loan rate, even if it’s fixed) will not change over the 30 year loan term.

How we work out the time saved in repaying the loan

We estimate how much sooner your new Tiimely Own home loan could be paid off compared to your existing loan (assuming you’re making principal and interest repayments), based on the loan amount and rate you provided, and assuming you pay your monthly saving (as explained above) back into your loan at the end of each repayment period. We also assume that you would have continued to make only the required repayments had you not refinanced with a Tiimely Own home loan. We assume both rates (your existing home loan rate and the new Tiimely Own home loan rate, even if it’s fixed) will not change over the 30 year loan term.

Legal things about our rates
Our home loans are subject to credit criteria and eligibility requirements. Home loan interest rates are for new customers only and can change. Our comparison rates are based on a $150,000 loan amount over a 25 year term. They factor in fees associated with applying for the loan; ongoing fees and fees associated with leaving the loan. Our fixed loans roll to a variable principal and interest rate at the end of the fixed term. If the interest only period is not specified, the comparison rate is calculated on a one year period.

WARNING: The comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Tiimely Turnaround
^Our turnaround times are up to 2x faster than the industry, based on a comparison of our average platform submit to approval time compared to industry submit to approval time, published here  (June 2023). Customer turnaround times are dependent on individual circumstances and may require an assessor to obtain more information.

Our trade mark
Tiimely is a registered trademark of Tiimely Pty Ltd.