The Mozo home loan switching guide

Wednesday 10 November 2010

Article by Mozo

Switching home loans might seem like a daunting task – all that paperwork, those rates and fees clogging up your brain – but doesn’t a few hours hard work to save thousands of dollars seem like a decent trade-off?

Check your current home loan

The fastest way to see how your loan stacks up against the best in the market is with Mozo’s award-winning home loan health check. In under a minute, you’ll know exactly where you stand.

Negotiate a better deal

Whatever your bank says, they can probably do better. Don’t be afraid to ask for more – a better rate, reduced fees, whatever – just make sure the bank is working hard for your money.

If negotiating isn’t your thing (and that’s nothing to be ashamed of), there are options. Send in Mozo’s Home Loan Negotiators to battle the banks on your behalf. If they get you a better rate, all you have to do is sign the paperwork. If they can’t, you haven’t lost a thing.

Exit fees

The big banks may be on the cusp of removing exit fees for good, but until that glorious day, you might have to fork out a little for the privilege of jumping ship.

Exit fees can range from a couple of hundred dollars to a couple of thousand depending on your lender and how long you’ve had your loan. Be sure to check these with your current lender so you know what you’re in for.

What do you need?

Low rates are great, but may not be the answer for everyone. Options like redraw facilities, offset accounts and the ability to make extra repayments are not always standard inclusions. As always, our comparison table has all the details.

And don’t forget, bundling all your banking products with the same bank might mean you’re entitled to a discount. Even if it’s not on the bank’s website, make sure to demand a reward for all your loyalty.

Compare the market

If you want a better loan, you’ll have to do some research (sorry!). Fortunately, we’ve done most of the hard work, so all you have to do is jump onto our comparison table.

Be sure to use our shortlist function to compare your choices, and remember you can save your shortlist for later – perfect for when the beach (or your boss) beckons!

Get help

If research and negotations don’t sound like your thing, why not take the stress out of refinancing with a broker?

Mozo’s new Find-a-Broker service will match you with a broker who fits your home loan needs. It only takes a few minutes and won’t cost you a thing.

Do the calcs

Not sure how much the rate rise will sting you? Find out how your repayments will change with our rate change calculator.

Or try our home loan comparison calculator which compares the true cost of two different loans – with lots of options to make it truly relevant.

Fixed or variable?

The age-old debate. Read on below for the best home loans from each category and what they can save you. The rest is up to you…

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