Home Truths /Check out how much you can save by refinancing to Athena

Check out how much you can save with Athena’s refinance calculator

2 min read | 23 Jun 2022

Hero-About Refinance Calculator
Hero-About Refinance Calculator

Before you jump into refinancing your home loan, you’ll want to know exactly how much you’ll be better off.

Knowing just how much you’ll save will make your time and effort worth it. We get it, numbers aren’t for everyone, that’s why we’ve built a very simple and quick to use Refinance Saving Calculator to compare your current mortgage with other home loan options.

All you need to do is:

  1. Give us a few quick details about your current loan

  2. Choose your loan purpose, repayment type and rate based on your Loan-to-Value ratio

  3. Let us know if you want to pay down your home loan faster with extra or one off repayments

And tada, our Refinance Calculator will show you:

  • How much your new mortgage repayments can be by refinancing

  • How much you can borrow

  • How much time and money you will save by switching to Athena

  • And even guide you on ways to adjust your repayments to pay off your whole loan sooner

You don’t have to sign up and there’s so much to gain, so why not try it out now?

What to consider when calculating your refinance savings

Our refinance calculator makes more calculations compared to others. We include more options to ensure the savings amounts are as accurate as they can be.

Our Refinance Calculator

Check out the different factors we have accounted for in the calculations:

  • Repayment types - what suits you right now: Principal & Interest or Interest-only?

  • Loan purposes - do you intend to be an owner-occupier or an investor collecting rent from a tenant?

  • Interest rates - the interest rate you select (which is based on interest rates at the time and your Loan-to-Value Ratio) from the range on the calculator is applied for the life of the loan, except where the rate reverts to the applicable variable principal & interest rate after the interest-only or introductory period ends.

  • Redraw - our calculator will assume you don’t redraw any amounts from your balance for the life of your loan.

  • LVR - the calculator doesn’t account for the savings you’ll make as your LVR decreases over time and lowers your interest rate (thanks to AcceleRATES) - so your savings may be even larger! A nice surprise to look forward to.

  • Additional repayments - our calculator gives you the option of inputting how much in additional repayments you might contribute to pay down your loan faster. In real life this can vary, but to make it as clear as possible, the calculator factors these in as either regular monthly amounts or as one or more lump sums.

  • Fees - if your current lender charges you ongoing fees, you’ll be able to keep that money in your pocket in future if you switch because we don’t charge fees (no application or valuation fees, no annual or monthly fees, no exit fees). We can’t currently include the fees you pay to your lender in our calculator, so it’s a good idea to work out how much those fees are costing you so you can factor that in. Even more savings! Also, rewind back to all the original set-up fees you paid to your current lender. If you switch to Athena, you won’t have to pay any of those again!

Every little bit counts to paying down your home loan faster

Even the smallest extra repayments will make a big dent in your mortgage and help turbocharge your loan to the finish line sooner. For example, if you repay an extra $100 more each fortnight on a $400k loan at 3.64%, this will slice off around 3 years and $34k in interest. That’s a hell of a lot of saving and time! 

We are here to help you get rid of your home loan, which is why we don’t charge you fees for making extra repayments. So feel free to have a play with the Pay Your Loan Down Faster part of our refinance savings calculator and see how much you can save by making extra repayments.

Another hot tip to help you make some big savings is to put money into a redraw or offset facility. Doing this will reduce the interest you pay every day, and over the life of the loan too. This doesn't, however, reduce the principal. If you keep it up, you’ll pay off your loan ahead of time and say goodbye to that loan earlier! Remember, we don’t charge fees. So there is no early payout fees. Our mission is for you to leave us sooner.

It’s worth doing the maths

We would never want to over-promise on how much of a better deal you could get by switching to Athena. At the same time, we’re really confident you would save a stack by refinancing with us. Why not see for yourself by trying our refinance savings calculator? You’ve got nothing to lose except for your home loan!

If you would like to do a bit of homework and find out more about the ins and outs of refinancing a mortgage, chat to one of our local loan experts. They’re available 7 days a week.

Text - 0429 333 555

Call - 13 35 35

You’ve got nothing to lose except your home loan!

Start saving a whole lotta time and money

Athena acknowledges the traditional owners of the land on which we gather the Gadigal people of the Eora nation. We acknowledge that sovereignty was never ceded and respect their continued and continuing connection to this place.