Not really. It costs to move your loan so swapping about constantly is costly and takes a lot of effort. If you shop around then find the best deal and switch and then stay there

I have changed and refinanced with another company before. I got myself a lower interest so was worth it
Currently looking into changing again

I haven’t tried as it sounds too hard

I have been on the same home loan for a while.

I’ve changed loans 3 times in 3 years. A good mortgage broker is the key!
They don’t charge and I’ve also never been charged an exit fee as to what I understand it’s ‘not allowed’ any more.
However, given the current economy, it may be a little hard to swap from
Bank to bank.
Ask your local FB group for a recommendation on a good mortgage broker and go from there.

I haven’t done this as I feel there would be more fees attached in changing

Following – interested to know this one myself.

Don’t forget that there are usually some pretty hefty fees when you change mortgages, and they’re often up front.

I don’t know personally I wouldn’t do this

Not sure about this.

Also; always read small print and terms and conditions before proceeding with any changes.

It’s always better to try and negotiate with your lender first after researching rates offered by other lenders offering comparable products. It gives your request more substance. There are costs involved in refinancing so the rate you’re after better be significantly better to make it worth it.

I imagine it would depend on the amount of money borrowed – home loan amount.
There are also ways to reduce home loan payments without moving banks, might be worth exploring with the bank.
Always find out costs involved with moving banks and use calculators to compare.

We rent our property so have no homeloan. We’ve been looking into buying but it’s hard to get a loan as my husbands salary isn’t high and we’re a bit older. Of course we’ve investigated different loaners and there’s only one who would like to take the step with us but for a very high rate. So we’ll leave it for now.

I’ve always stuck with the same bank for mortgages. I’ve shopped around at the time of taking out a mortgage but still remained with the same bank because I received a good rate. Changing banks/lenders during the course of a mortgage never appealed to me.

No idea I’ve always been a renter. I always thought there were exit fees for leaving one lender to go to another tho

I think it depends on who your lender is and how your middle man is. Check out both fees – if there are hidden costs for changing lenders. Maybe seek info from a mortgage broker.

Not sure if its a good ard.espessialy if you need to pay addition fees. Maybe call and ask for better deal

Personally we have stuck to 1, I’m not sure that would make a big difference in the long run but worth having a look around with different banks