15 Answers

I am pretty unhappy with our bank. I won’t go into details, but I am thinking about moving banks. If I refinance, will I end up better or worse off?

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  • I was at a local credit union a long time ago and had to change because they were charging too many fees and became disappointing . After that I have been suss with all institutions .
    In your case I would grab some brochures from a couple of banks in your mind that interest you and then see which one you would like to join. Then arrange a meeting with the loan officer ( or whoever does refinancing ) and see what they can offer . If you are happy with the offers , pick that one . You will know by the end of the meeting if it suits your requirements.

  • if you are unhappy and speaking to the branch manager isn’t helping, then yes by all means, go somewhere where you are happy and appreciated as a customer

  • I just recently changed from BankSA to NAB and we actually come out ahead as our home loan was much lower and save nearly $45 a week in payments for that, we got 0% interest for 14 months on our credit card, a higher interest rate on our savings account and $1250 for moving our home loan over to them.
    I think if you look at what the other banks are offering and as long as they are either the same or lower then go with who you feel comfortable with.

  • We’ve just refinanced our business and home loans. Our home loans were small so we won’t save a great deal, but it made a huge difference to our business loan to change banks. Definitely shop around. Tell your bank about other great deals that are around and perhaps they will improve their services or waive some fees for you.

  • I have heard nothing but great things from ING. I have them for an everyday account and they have been brilliant.

  • I’m not sure on the refinancing but I’m not too happy with westpac, a simple ATM withdrawal from the only at, in my town which is commonwealth westpac charges 2 dollars. They add up.

  • We did this a few years ago and it was the best decision we ever made!
    Arrange to have meetings with other banks. Tel them what you are after and see what they can do for you. Way up pros and cons for each that you visit. Or talk to a mortgage broker.

  • If you do some research, you should wind up better off. Hard tone sure without more details of your situation.

  • Definitely look at your options then decide

  • talk to a broker we are going to

  • Mayne you could go see a broker they will help get you on the right track

  • Nothing wrong with getting a better deal, no idea if you will be better off or not, depends on the deal you get and if you’ll be slugged exit fees and fees for refinancing – mortgage broker would help you compare.

  • I agree with a morgage broker. You won’t know if you are better off or worse until you do the sums. Everyones situations are different. Morgage brokers can help you get the best deal.

  • We had a similar problem and found talking to a Mortgage Broker helped. They find better deals and can get the new bank/credit union to drop or reduce the fees. We did this with Mortgage Choice and have been really happy with their service and how they helped us save money by giving us tips and suggestions to make mortgage go faster (put a small amount of each pay in automatically to mortgage, you soon realise that you don’t notice it missing from usual pay). Good luck, don’t be afraid & do what you think is best for you and your family

  • There are some epic deals and promos going on atm and with interest rates so so so low I’m sure with a little bit of time invested in researching online you could find you will save heaps in the long run. There r free brokers available at most banks but best to find someone independent if u don’t have the time to google everything yourself.

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