Tell us about your current home loan. A verified home loan professional who covers your postcode will get in touch to explain your options, including staying with your lender, and what each would really cost.
A verified professional will get in touch.
The right choice depends on your costs, how long you plan to stay and how much certainty you want.
Often worth trying first, since a lender may lower your rate to keep you.
A fresh application, with the chance of a better rate or features.
For example moving to a fixed or split rate, or adding an offset account.
Releasing money or changing how long the loan runs, with a different total cost.
Paying more each month where your loan allows it, to reduce what you owe.
Stay as you are, if the numbers show a switch wouldn't save you anything.
Charged by your current lender when the loan is closed.
A cost for leaving a fixed rate before it ends.
Charged by the new lender, though some waive them.
Possible if you borrow a large share of your home's value.
Some advisers charge a fee, some are paid by the lender, some both.
A lower rate with high fees or a longer term can cost more overall.
Ask for the Australian Credit Licence number and check it on the ASIC register.
And why do you recommend this loan.
A commission from the lender, a fee from me, or both.
Including discharge and break costs and any cashback conditions.
After every cost, over the time I plan to stay.
Ask what a better rate from them would look like.
We connect you with one verified provider who understands what you need. No hard sell, and no obligation.
Fees, break costs and a longer term all change what a switch really costs. You hear how to compare them.
Your current lender may offer a better rate if you ask. You hear how that compares with switching.
You get the options explained. Whether to change anything is always your decision.
It means replacing your current home loan with a new one on the same property, either with a new lender or a new deal with your current one. People do it to get a lower rate, to change the type of loan, to borrow more or to combine debts.
It's worth trying. Lenders often have a team that can offer a lower rate to keep you. Having a quote from another lender can help you negotiate. Compare what you are offered with what a switch would give you.
There can be a discharge fee from your current lender, break costs if you leave a fixed rate early, application or valuation fees from the new lender, and possibly lenders mortgage insurance if you borrow a lot against the value of the home. Ask for all costs in writing.
If you leave a fixed rate loan early, the lender can charge a cost that depends on how rates have moved. It can be large, so ask your lender for the exact figure before you decide.
Some lenders offer cash to switch to them. Check the conditions: you may have to repay it if you leave within a few years, and the loan may have a higher rate or fees. Work out the total cost over time, not just the headline offer.
Extending the term lowers your repayments, but you pay more interest overall. Ask the adviser to show the total interest over the life of the loan for each option.
Sometimes. Borrowing more increases what you owe and your repayments, and your home is at risk if you can't repay. Ask about the total cost, and whether other options might suit you better.
With a new lender, yes. They look at your income, expenses, debts and credit history, and test whether you could still afford the repayments if rates rose. Staying with your lender may involve fewer checks.
It often takes a few weeks to settle, depending on the lenders and the paperwork. Ask for a realistic timeline, and what happens to your repayments in the meantime.
Not necessarily, but brokers can compare lenders. They have a legal duty to act in your best interests. Ask how many lenders they compare, how they are paid and whether you would pay a fee.
Complain to the firm first. If you're not happy with the answer, you can take it to the Australian Financial Complaints Authority, which is free to use.
Your current lender, your interest rate and the type of loan, roughly how much you owe, the value of your home and your postcode. If you don't have everything, send the request anyway.
No. Namoye is a free matching service. It is not a lender, broker or adviser, and it doesn't give financial advice. Any advice or offer comes from the firm that contacts you.
No to both. A verified professional contacts you, and Namoye is free for you.
All AU finance · Purchase Mortgage · Personal Loan
Namoye is a free matching service. It is not a lender, broker or adviser, and it doesn't give financial advice or make credit decisions. Any advice or offer comes from the firm that contacts you. Check that a firm or broker holds an Australian Credit Licence, or is a credit representative, on the ASIC Professional Registers (asic.gov.au) before you share personal or financial details. Your home may be at risk if you can't keep up repayments.
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