When should I switch home loans?

Liron Nehmadi

Liron Nehmadi

Jul 1, 2016( 1 min read )

The answer to this question is dependent on your personal circumstances – there is no best time for refinancing that will apply to everyone.

If you want a lower interest rate but are happy with the other aspects of your loan it may be worth calling your lender to see if you can negotiate a better deal. If you have some equity up your sleeve – at least 20 per cent – and have done your homework to see what other lenders are offering new customers, pick up the phone to your bank and negotiate. If they aren’t prepared to offer you lower rate or fees, then you’ve already done the research, so consider switching.

Related FAQs

The Switch & Save Sale is Australia’s first industry home loan sale.

For 40 hours only, Australian mortgage holders will have exclusive access to discounted rates, waived fees and cashback offers if they switch their loan to a different lender.

If you have a mortgage with one of the big banks, you could save up to $39,000* by switching lenders.

The sale runs from 6am Monday 8 May to 10pm Tuesday 9 May (AEST), with pre-registrations opening on 30 April 2017.

If you’ve ever thought about refinancing your home loan but put it in the ‘too hard basket’, then now could be the ideal time to reconsider, especially with interest rates now on the rise and the cost of housing continuing to squeeze budgets.

It takes less than 60 seconds to be on your way to potentially unlock up to $39,000* in savings.


^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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