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4 reasons to break up with your home loan lender

bride and bank split as people break up with their home loan lenders

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.

1. They’ve changed (their interest rates)

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, namely the recent RBA rate hikes. 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. 

2. You’ve changed (your home loan needs)

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.

3. You want security (with a fixed rate loan)

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.

4. You feel neglected (by your lender)

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.

Looking to refinance?

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If you'd like to talk with an expert about your home loan needs we can put you in touch with the team at Lendi.

Answer a few questions online about your current situation and Lendi will connect you with one of their experienced home loan specialists.

Compare refinancing home loans - last updated 28 March 2024

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Offset Home Loan

    Package, Owner Occupier, LVR<60%, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    6.15% p.a. variable
    6.40% p.a.

    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

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    Express Home Loan

    Owner Occupier, Principal & Interest, LVR <90%

    interest rate
    comparison rate
    Initial monthly repayment
    6.01% p.a. variable
    6.14% p.a.

    Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

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  • Neat Home Loan

    Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    6.14% p.a. variable
    6.16% p.a.

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

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  • OMG Home Loan

    Owner Occupier, Principal & Interest, <60% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a. variable
    6.00% p.a.

    BCU Bank’s OMG owner occupied home loan offers a variety of great low rates depending on your deposit. Save with no ongoing annual fees. Access your extra payments when you need to through the redraw facility. Pre-approval valid for 3 months.

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  • Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a.
    fixed 3 years
    6.13% p.a.

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

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  • Flex Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a.
    fixed 3 years
    6.37% p.a.

    Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

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  • Fixed Rate

    Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    6.54% p.a.
    fixed 2 years
    7.10% p.a.

    Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.

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  • Basic Home Loan

    Owner Occupier, LVR 60-70%, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    6.15% p.a. variable
    6.17% p.a.

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 30% Deposit required.

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  • Flex Home Loan

    Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.24% p.a. variable
    6.48% p.a.

    Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process.

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  • Elevate

    Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    6.09% p.a. variable
    6.20% p.a.

    Get competitive rates on loan terms of 5 to 30 years with the Aussie Elevate Home Loan. Structure your loan with up to five splits. Make additional repayments (T&Cs apply). Offset accounts available. Unlimited redraw using your online banking account. Choose from weekly, fortnightly or monthly payments For loan amounts from $10,000 to $5 million.

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  • Flex Home Loan

    Owner Occupier, Principal & Interest, LVR 60-70%

    interest rate
    comparison rate
    Initial monthly repayment
    6.24% p.a. variable
    6.48% p.a.

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    Details
  • Variable Investor Home Loan 80

    Investor, Principal and Interest, LVR<80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.34% p.a. variable
    6.36% p.a.

    Affordable home loan rate for buyers or refinancers.. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 30% deposit required.

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    Details

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Evlin DuBose
Evlin DuBose
RG146
Senior Money Writer

Evlin, RG146 Generic Knowledge certified and a UTS Communications graduate, is a leading voice in finance news. As Mozo's go-to writer for RBA and interest rates, her work regularly features in Google's Top Stories and major publications like News.com.au.

Sara Borman
Sara Borman
Money writer

Sara has a Communications degree and has contributed to academic and literary publications in the US and Australia. She aims to bring an accessible point of view to credit cards and loans for Mozo readers.

* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Home Loan Awards

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