4 signs you should break up with your home loan lender

By Rebeccah Elley ·

Relationships often start out with plenty of romance, where you are swept off your feet by all that is promised. But just like with any union, your partnership with your bank may see it’s honeymoon stage come to an end.

So if you’re wondering whether your bank is still your true borrowing love, then it may be time to consider whether you have noticed any of these 4 telling signs:

Home Loan Comparison Table - last updated November 28, 2020

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I want to borrow


  • 1.99% p.a.variable for 12 months and then 2.48% p.a. variable

    2.47% p.a.

  • mozo-experts-choice-2020

    2.19% p.a. variable

    2.19% p.a.

  • mozo-experts-choice-2020

    1.95% p.a.
    fixed 3 years

    2.36% p.a.

  • 1.99% p.a.variable for 24 months and then 2.50% p.a. variable

    2.93% p.a.

  • mozo-experts-choice-2020

    2.34% p.a. variableApply now to get this rate from 29 Nov

    2.34% p.a.Apply now to get this rate from 29 Nov


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1. They’ve changed

When you first met your bank they enticed you with a great interest rate and low fees. But when you take a glance at your home loan statement, your ongoing payments seem to be quickly creeping up. What’s their problem you might think, don’t they care?

Well it could be time to see if the grass is greener on the other side by checking what other deals home loan lenders in the market are offering that will bring down your repayments and save you interest in the long run. Here are some of the top low rate deals available now if you are refinancing:

To compare our entire home loan database, you can start your search here.

2. You’ve changed

Maybe it’s not them. Maybe it’s you. Your family has grown, you’ve upsized and need a home loan with more flexible features that will allow you to meet your dreams sooner. Whether it’s a home loan that comes with the ability to make extra repayments and draw on them through a redraw facility or a mortgage that will give you a place to stash your cash in an offset account and bring down the interest you pay, it could be time to make the switch. If this sounds like you, a full feature home loan with great flexibility, could be just for you. Compare deals here.

3. You want security

Perhaps you are entering a stage in your life, where you’re fed up with the changing nature of variable rates. Then it could be time for you to refinance to a fixed interest rate loan, which means your repayments will remain the same over the fixed term. Just keep in mind, if you’re refinancing to a fixed rate loan, many come with break cost fees if you need to pay them out or refinance before the fixed period has come to end. So only make this move if you’re sure you will be sticking with the new loan for the entire fixed term (usually 1-7 years).

4. You feel neglected

If your only contact is with a voice recording and you miss the days of talking through your options with a real person, this could be another sign it’s time to make the switch. Your best bet, if this is the case, is to head on over to our rate and review section, where you can read thousands of reviews from real life customers to see which providers get the thumbs up for customer service.

Did we miss one of the common signs that it’s time to break up with your bank? Let us know in the comments below.

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