What it does

Open any liability of type Mortgage and Frank can model what happens if you refinance to a different rate. Side-by-side: current vs proposed.

Inputs

• Liability — the loan to refinance (selected automatically when you open the panel from a specific liability)
• New rate (%) — what you'd refinance to (e.g. 5.95)
• New term (years) — optional. Defaults to keeping the current remaining term.
• Switching costs — discharge fee + new application + valuation + legals. Defaults to $1,500 if not provided.

Outputs

• Current monthly payment vs proposed monthly payment
• Total interest over the remaining term — current vs proposed
• Monthly / annual / lifetime savings if you switch
• Payback months — how long it takes for the savings to recoup the switching costs

The comparison is honest: if the new rate is only marginally lower or your remaining term is short, the break-even might be longer than you expect, and Frank says so.

Information only

Frank doesn't recommend specific lenders. The model is what it says — a model. Bank serviceability tests, LMI on the new loan, offset account differences, redraw flexibility, and lender service quality all matter and aren't captured here. Use this to decide whether refinancing is worth the conversation, not to pick a winner.