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Australian Credit Licence 234945Fees & charges apply

5.99%

5.90%

$3,218

  • Special
  • Owner Occupied
  • Variable
  • P&I
  • Extra repayments
More detailsmore-details

Australian Credit Licence 234945Fees & charges apply

Australian Credit Licence 395219Fees & charges apply

6.04%

6.06%

$3,234

  • Owner Occupied
  • Variable
  • P&I
  • Extra repayments
More detailsmore-details

Australian Credit Licence 395219Fees & charges apply

Australian Credit Licence 230686Fees & charges apply

6.09%

6.11%

$3,249

  • Special
  • Owner Occupied
  • Variable
  • P&I
  • Extra repayments
More detailsmore-details

Australian Credit Licence 230686Fees & charges apply

Australian Credit Licence 395219Fees & charges apply

5.69%

6.16%

$3,127

  • Owner Occupied
  • Fixed undefined year
  • P&I
  • Extra repayments
More detailsmore-details

Australian Credit Licence 395219Fees & charges apply

Australian Credit Licence 234945Fees & charges apply

6.29%

6.20%

$3,311

  • Special
  • Variable
  • P&I
  • Extra repayments
More detailsmore-details

Australian Credit Licence 234945Fees & charges apply

Australian Credit Licence 395219Fees & charges apply

7.75%

6.31%

$3,229

  • Owner Occupied
  • Fixed undefined year
  • Interest Only
More detailsmore-details

Australian Credit Licence 395219Fees & charges apply

Australian Credit Licence 395219Fees & charges apply

5.99%

6.51%

$3,218

  • Owner Occupied
  • Variable
  • P&I
  • Extra repayments
More detailsmore-details

Australian Credit Licence 395219Fees & charges apply

Australian Credit Licence 234945Fees & charges apply

7.20%

6.90%

$3,000

  • Variable
  • Interest Only
  • Extra repayments
Enquire

Australian Credit Licence 234945Fees & charges apply

Australian Credit Licence 395219Fees & charges apply

6.99%

7.00%

$3,531

  • Variable
  • P&I
  • Extra repayments
More detailsmore-details

Australian Credit Licence 395219Fees & charges apply

Australian Credit Licence 388053Fees & charges apply

6.99%

7.10%

$3,531

  • Variable
  • P&I
  • Offset Account
  • Extra repayments
More detailsmore-details

Australian Credit Licence 388053Fees & charges apply

Australian Credit Licence 234945Fees & charges apply

6.95%

7.15%

$2,896

  • Variable
  • Interest Only
  • Offset Account
  • Extra repayments
Enquire

Australian Credit Licence 234945Fees & charges apply

Australian Credit Licence 234527Fees & charges apply

6.04%

7.16%

$3,234

  • Cashback
  • Owner Occupied
  • Fixed undefined year
  • P&I
  • Extra repayments
Enquire

Australian Credit Licence 234527Fees & charges apply

Australian Credit Licence 233714Fees & charges apply

6.84%

7.16%

$3,483

  • Owner Occupied
  • Variable
  • P&I
  • Extra repayments
Enquire

Australian Credit Licence 233714Fees & charges apply

Australian Credit Licence 234527Fees & charges apply

6.34%

7.22%

$2,642

  • Cashback
  • Owner Occupied
  • Fixed undefined year
  • Interest Only
  • Extra repayments
Enquire

Australian Credit Licence 234527Fees & charges apply

Australian Credit Licence 234527Fees & charges apply

7.24%

7.24%

$3,611

  • Cashback
  • Owner Occupied
  • Variable
  • P&I
  • Extra repayments
Enquire

Australian Credit Licence 234527Fees & charges apply

Australian Credit Licence 388053Fees & charges apply

7.19%

7.26%

$3,595

  • Owner Occupied
  • Variable
  • P&I
  • Offset Account
More detailsmore-details

Australian Credit Licence 388053Fees & charges apply

Australian Credit Licence 230686Fees & charges apply

7.36%

7.41%

$3,650

  • Variable
  • P&I
  • Extra repayments
Enquire

Australian Credit Licence 230686Fees & charges apply

Australian Credit Licence 395219Fees & charges apply

7.49%

7.50%

$3,692

  • Variable
  • P&I
  • Extra repayments
More detailsmore-details

Australian Credit Licence 395219Fees & charges apply

Australian Credit Licence 233714Fees & charges apply

7.24%

7.56%

$3,017

  • Variable
  • Interest Only
  • Extra repayments
Enquire

Australian Credit Licence 233714Fees & charges apply

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Home loan lenders we compare at RateCity

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Learn more about home loans

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.

Promoted home loans

Promoted

Unloan (a division of CBA)

Variable Rate Home Loan LVR < 80%

Real Time Ratingâ„¢
  • Owner Occupied
  • Fixed undefined year
  • 20% min deposit
  • P&I

special

Receive an extra 0.01% p.a. discount every year, up to a maximum discount of 0.30% p.a.
Interest Rate

5.99%

p.a

Comparison Rate*

5.90%

p.a

Promoted

loans.com.au Pty Ltd

Variable Home Loan

Real Time Ratingâ„¢
  • Owner Occupied
  • Fixed undefined year
  • 10% min deposit
  • P&I
Interest Rate

6.04%

p.a

Comparison Rate*

6.06%

p.a

Promoted

ubank

Neat Home Loan

Real Time Ratingâ„¢
  • Owner Occupied
  • Fixed undefined year
  • 40% min deposit
  • P&I

special

Get a home loan with low variable rates and no annual fee.
Interest Rate

6.09%

p.a

Comparison Rate*

6.11%

p.a

Promoted

loans.com.au Pty Ltd

Fixed Rate Home Loans

Real Time Ratingâ„¢
  • Owner Occupied
  • Fixed undefined year
  • 10% min deposit
  • P&I
Interest Rate

5.69%

p.a

Comparison Rate*

6.16%

p.a