4 reasons to break up with your home loan lender

When you find your home loan lender, it might feel like you've met your one and only. While the romance might come thick and fast in the honeymoon period, sometimes the seven year itch can come early.

So if you’re wondering whether your bank is still your true borrowing love, it may be time to check off this list of reasons to break up with your lender.

When you first met your bank, they lured you in with a great interest rate and low fees. But when you take a glance at your home loan statement now, your ongoing payments seem to be quickly creeping up.

"What’s their problem?" you might think. "Don’t they care?"

Unfortunately, many lenders are dealing with other baggage at the moment, like the fluctuating interest rates of the last year. If that's the case, it could be time to see if the grass is greener on the other side.

Check what deals other home loan lenders in the market are offering. If you find a lower rate, this could bring down your repayments and save you on interest over the life of the loan. 

You can start your search by comparing home loans with Mozo. 

It's not them, it's you. Your family has grown, you’ve upsized, your situation has changed, and now you need a home loan with more flexible features so you can meet your dreams sooner.

Whether it’s a home loan that comes with the ability to make extra repayments or provides an offset account to stash your cash, it could be time to make the switch.

If this sounds like you, you might need to figure out which home loan features you need.

If you’re fed up with the unpredictable nature of variable rates, you might want to explore the stability of a fixed interest rate.

Refinancing to a fixed interest rate loan could be an option that suits your . This way, your interest rates and repayments will remain fixed and predictable for a certain term.

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.

You try calling them, but only get a voice recording. Sometimes you feel they're just using you for interest.

All playfulness aside, it can be jarring if your lender has been snapped up by a big bank, or if you prefer to bank in person and all of your local branches are closing down.

If you miss the personal touch, 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.