An honest look at whether it is worth it
Transferring costs money. We work through the arithmetic with you and will say plainly when the saving does not justify the switch.
Loan service
Home Loan Balance Transfer
If your current loan was taken some years ago, it is worth checking what the outstanding balance would cost elsewhere.
Overview
About balance transfer
A balance transfer moves the outstanding balance of an existing home loan from your current lender to a new one. The new lender pays off the old loan and you continue repaying them instead, on the terms newly agreed.
People do this for a few reasons: the rate they are paying no longer reflects what is available, they want to change the remaining tenure, or they want to borrow a further amount on top of the existing balance.
Switching is not automatically worthwhile. There are costs on both sides, and the benefit depends heavily on how much of your tenure remains, because the interest portion of an instalment is largest in the early years. We look at whether the arithmetic works before you start.
Key benefits
What you get from working with us on this
Costs identified up front
Foreclosure handling, fresh processing charges, valuation and legal fees and stamp duty on new documents all get set out before you commit.
Top-up borrowing considered together
If you need an additional amount, it is usually better assessed alongside the transfer than as a separate exercise.
Paperwork coordinated between lenders
A transfer means dealing with two lenders at once. We help keep the sequence and the document handover straight.
Eligibility
What lenders generally look at
General guidance. Every lender applies its own criteria and may weigh these differently.
- An existing home loan with a satisfactory repayment record
- A minimum number of instalments already paid, as required by the new lender
- Continuing income and credit standing acceptable to the new lender
- A property whose title and documentation the new lender is willing to accept
- An existing loan on terms the new lender is prepared to take over
Documents
What you will typically be asked for
A typical checklist. Lenders may ask for more, or for less, depending on your profile.
Existing loan
Identity and address
Income
Property
How it works
A simple path from enquiry to lender decision
We help you understand and prepare the case. Verification, sanction terms and the final credit decision remain with the lender.
- 01Step 1
Share your requirement
Tell us what you are trying to do — buy, build, transfer or raise funds — along with your income type and rough timeline.
- 02Step 2
Consultation
We go through your profile, explain what lenders look for and set out the options realistically open to you.
- 03Step 3
Documentation
We tell you exactly which documents are needed and check the file is complete before anything is submitted.
- 04Step 4
Lender processing
Your application goes to the lender, who carries out their own verification, valuation and legal checks.
- 05Step 5
Lender decision
The lender decides the outcome and terms. We keep you updated and explain what any sanction actually commits you to.
Questions
Balance Transfer questions we are asked
Broadly, the less tenure you have left, the weaker the case. Most of the interest on a loan is paid in the early years, so a transfer late in the term saves comparatively little while the switching costs stay much the same. The remaining balance and the difference in terms both matter.
Expect handling by the outgoing lender, fresh processing charges from the incoming one, valuation and legal verification, and stamp duty or registration on new documents. The exact amounts depend on the lenders and your state, so they should be confirmed in writing before you proceed.
Many lenders will consider a top-up alongside a transfer, subject to your income, the property value and their own limits. It is assessed as part of the same application rather than granted automatically.
It varies with how quickly the existing lender releases documents and how fast the new lender completes its checks. We cannot promise a timeline and you should be cautious of anyone who does.
Enquire
Ask us about balance transfer
Send a short enquiry and we will get back to you to talk through your options. Nothing here commits you to anything.