The amount of money you can save by refinancing will depend on your current interest rate, loan conditions and eligibility for the best mortgage refinance deals. However, if you haven’t refinanced within the past 2 years, you could potentially save a lot of money. For example, if you have a mortgage balance of $500,000, with a current interest rate of 4.0% and 30 years remaining on your loan term, you’ll be paying about $551 per week in repayments. Refinancing to an interest rate of 2.0% (a rate which some lenders are now offering) would reduce your weekly repayments to just $426 per week. This could save you $6,500 in the first year alone!