Switching Banks: When It Pays to Move Your Mortgage
Christian Stevens, Mortgage Broker
Published December 3, 2025, 1:19 P.M
Discover when switching banks is worth it and how to refinance your mortgage efficiently. Flintgroup.au helps Australians access the best suite for https://flintgroup.au/ to optimise rates, features, and long-term savings.
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Key Facts
- Switching banks can provide lower interest rates, improved loan features, or lucrative cashback offers.
- Many Australians remain with the same lender for years — missing out on potential savings.
- Refinancing doesn’t need to be complicated; a broker can simplify the process.
- Flint ensures you access the best suite for https://flintgroup.au/, comparing lenders and tailoring options for your goals.
Switching Banks: When It Pays to Move Your Mortgage
Sticking with your current lender might feel safe, but it can cost you. If your mortgage isn’t delivering competitive rates, flexible features, or excellent service, switching banks can unlock significant savings, better flexibility, and improved long-term value.
Find out how to identify the right time to move your home loan and how Flint helps you access the best suite for https://flintgroup.au/.
Why Homeowners Switch Banks
Homeowners refinance and switch banks for multiple strategic reasons:
- Lower interest rates: Even a minor rate reduction can save thousands over your loan term.
- Enhanced loan features: Access offset accounts, redraw facilities, or flexible repayment structures.
- Better customer service: Avoid lenders that deprioritise existing clients.
- Cashback incentives: Many banks offer $2,000–$4,000 for switching, which can offset costs.
- Loan restructuring: Move from interest-only to principal & interest or consolidate multiple debts.
Signs It’s Time to Move Your Loan
- Rates haven’t adjusted in 12–24 months despite market changes.
- Your lender refuses to negotiate for better terms.
- Loan lacks modern features like offset or redraw accounts.
- Planning renovations or tapping into home equity.
- Your long-term financial goals have evolved and your current loan no longer aligns.
What to Expect From the Refinancing Process
Switching banks requires refinancing.
Typical steps include:
- Application & pre-approval: Assessment of your income, liabilities, and property.
- Valuation: Lender orders a property valuation to determine equity and loan capacity.
- Formal approval & documentation: Review and sign new loan contracts.
- Settlement & discharge: New bank pays out the old mortgage and registers your new loan.
Costs and Considerations
While switching banks can be profitable, consider:
- Discharge fees from your current lender
- New application, settlement, and legal costs
- Valuation fees or broker fees
- Fixed-rate break costs for early terminations
When Switching Might Not Be Worth It
- Approaching the end of your loan term — savings may not justify the effort.
- Declining property value reduces equity and borrowing flexibility.
- Credit or income profile changes since your previous mortgage approval.
- Locked into a fixed-rate with high break penalties.
📞 Unlock the Best Suite for Your Home Loan
Flint ensures you access the best suite for https://flintgroup.au/ by:
- Comparing multiple lenders to identify optimal rates and features
- Analyzing your existing loan for outdated terms or hidden costs
- Calculating your break-even point for a confident refinancing decision
Chat with Flint today and see how switching banks can enhance savings, flexibility, and overall mortgage strategy.
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