How To Switch Mortgages?

Many Australians would feel that switching mortgages is a very simple procedure, as all you need to do is compare the interest rates on home loans. But we would like to say there is much more to it apart from comparison. Many other factors like the introductory rate , ongoing fees, set up fees and also the track record of the lender on maintaining cost effectiveness also comes into play.

If it is possible to talk it through with your present lender regarding reducing the rate of interest it would save a lot of fees and additional costs. Your mortgage broker can initiate the talks with the lender. So this could be the best approach.

There isn’t much reason to stay with one lender over the life of your home loan. Unless they consistently offer the best rates and home loan packages, don’t be afraid to look elsewhere.

You may find that other banks and lenders offer better repayment platforms (e.g. simple mobile apps) or have better communication. While lender partners with all the major banks and traditional lenders, we also work with some exciting new smaller lenders — some of which operate exclusively online.

You can check out the process to switch the mortgage in Australia.

Check for a better deal with the present lender
The loan tenure needs to be negotiated
The mortgage insurance of the lender must be weighed to that cost
The mortgage switch needs to be thoroughly compared
The extra charges, the fees, and any kind of additional costs needs to be compared

Firstly you will have to check if you are eligible to switch your loan to a lower rate of interest. You can check this through the mortgage switching calculator. You can consider switching if there has been a significant increase in your salary, if the credit score has gone up or the property value for that matter as well.

APW Finance Pty Ltd has been in the financial sector for more than a decade and have strategic relationships that are leveraged ethically to provide you with the best possible opportunities at all times, regardless of your circumstance or position.

Ideally you should keep a regular eye out for better mortgage deals. New ones are coming on to the market all the time and if you're not locked in to a fixed or discount rate deal with an early repayment charge, it could be worth your while changing lenders (remortgaging) at any time.