Compare and Switch Home Loans from 2.99%

Find home loans from a wide range of Australian lenders that best suit your needs, whether you're investing, refinancing or looking to buy your first home. Compare interest rates, mortgage repayments, fees and more. - Data last updated on 20 Jun 2019

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Switching home loans

Not so long ago the vast majority of borrowers stuck with their initial lenders throughout the duration of their home loans; however, during the last decade around a million Australians have opted to switch providers partway through, often getting a better deal as a result. It’s now easier to switch than ever before, and though it isn’t the best option for everybody, there are circumstances in which it can save you a lot of money. Could it be right for you?

Why switch lender?

Although you may have spent a long time finding the best terms available when you originally took out your loan, the market will have changed since then and it’s quite possible that another lender’s terms will now be better. What’s more, some lenders offer special terms and bonuses to borrowers who switch. This means that switching is often a better way to change your loan terms than simple refinancing.

Just as the markets have undergone change, you may find that your personal circumstances have changed as well. For instance, you might now be in a position to pay your loan off more quickly, reducing the overall cost.

When should you switch?

Whatever you’re shopping for, it’s always better to do it at a time when sellers are under pressure and are anxious not to miss out on your custom. This applies just as much when it comes to financial products. When the market is highly competitive for lenders (which roughly corresponds with slumps or delays in expected rises in the housing market, a sign that fewer people are borrowing), you can get much better deals.

Main considerations

Getting it right is just as critical when you’re switching home loans as it is when you first go looking for a loan, so take your time to make sure you can find a good value product. Once you’ve done so, talk to your current lender about your intentions, as they may offer you a better deal in an attempt to get you to stay. Bear in mind that if you have fixed interest rates then you may have to pay hefty charges to end your current arrangement, and if you have under 20 per cent equity you may be required to pay mortgage insurance. 

Pros and cons of switching

  • You could pay less interest or pay off your loan more quickly;

  • You could get access to extra features that better suit your circumstances;

  • You could benefit from introductory rates offered by your new lender;

  • Depending on the loan you have, there may be charges for leaving your current lender;

  • You’ll need to set aside time for researching loans and finding a good deal.

FAQs

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.

Call RateCity 1300 001 153

^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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