Transfer Home Loan
While many people will find that they are happy with their home loan they may not realise that there are better options available. When you first selected your home loan you should have done your research, or paid a broker to do it for you. If you did your research then you should have got one of the better home loans available at the time. However, home loans change overtime and new home loans will arise and often people will find that their home loan is no longer the best one available. It is recommended that you review your home loan every few years to see if you are still getting the best deal. If you find that there are other home loans available that will save you money then you may look at transferring to the better loan. If you are looking at transferring your home loan then you should be sure to look at all the costs that are associated with the transfer as the process can often be very expensive.
| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
|---|---|---|---|---|---|---|---|
 State Custodians Mortgage Company Line Of Credit Loan |
If your home loan needs change, so should your home loan with this fantastic loan. | 6.02% | 6.23% | $0 / $345 | 90% | $150,000 / $1,000,000 |
 
|
 HomeStar No Fee 100% Offset |
Transfer to a home loan with a lower interest rate. | 6.26% | 6.26% | $0 / $0 | 90% | $250,000 / $750,000 |
|
HomeStar Line of Credit Loan |
Add an offset account, redraw or additional repayments when your transfer your loan. | 6.47% | 6.78% | $0 / $0 | 90% | $250,000 / $1,000,000 |
|
 ANZ Equity Manager |
Transfer your loan for better service and advice from your new lender. | 7.20% | $600 / $150 | 80% | $20,000 / $10,000,000 |
|
Transfer Home Loan
If you are paying off a home loan then you should regularly be reviewing your loan to see if there are better deals available. Home loans will change over time and even though you have the best loan one year other loans may be better at different times. If you are looking at transferring your home loan then you should:
• Find a provider. If you are looking at transferring your home loan then one of the first things that you should do is find a provider that offers a great loan. When you are looking for a provider one of the first things that you should do is find out how much it will cost to leave your loan. Transferring a home loan can be very expensive and can often eliminate the need to transfer the home loan. After you have done this bit of research you will then have to find a provider that has a loan program that suits your needs. When you are looking for a new provider you should be sure to compare the interest rates and other costs that will be associated with the loan.
• Contact. When you have found the provider that you would like to transfer your home loan to you should then contact the new provider. Be sure to ask them questions about the loan if you are unsure on any of the conditions and make sure that to find out whether you need to bring an appraisal with you. If you have been paying your home off for a while then you may find that they will not require the appraisal but if one is needed you will be able to save some time if you bring it along.
• Value. If an appraisal is needed then you should be sure to contact the banks appraiser and get that completed.
• Meet. Once you have completed the above steps you should then be sure to meet with the new provider, to do this you should call them and set up an appointment. When you meet with the new provider you should be sure that you bring a copy of the original loan paperwork, identification, proof of employment, appraisal information and the current balance on the home loan. The new provider may contact your employers and your old provider to make sure all the details are correct.
• Sign. Once you have met with the new provider and provided all the documents you will then be given a new contract. You should be sure to look over this contract carefully to make sure all the conditions of the loan are accurate and there are no hidden costs. If you are satisfied with everything you will then have to sign the contract. Once you have signed, the new provider will transfer money to your old provider to pay off the old loan. Sometimes you may find that you will be offered to have the full value of the home payed out to you. If this is the case then you should be sure that you think about this decision and make sure you use the money wisely.
When you first applied for a home loan you should have done your research and if you did then you should have received a really good loan. However, even if you did all the research loans will change over time and you may find that other loans will save you a lot of money. If you think you can save money by transferring your home loan then you should talk to the providers to see what they can offer. If you are thinking about transferring a home loan then you should be aware of the costs that are associated with closing a loan early because these costs can often outweigh the benefits of transferring the loan.
Related posts:
- Loan Portability: Transfer Your Home Loan and Save
- Stamp Duty on Transfer of Property
- Is Now the Time to Fix your Home Loan?
- Refinance your Home Loan or Switch to Bankwest
- How much will my Home Loan Payments be?
- bankmecu Fixed Home Loan
- Home Loan Deposit
- 30 Year Fixed Rate Home Loan
- Should I Fix My Home Loan Interest Rate
- Benefits of Refinancing a Home Loan
Top Home Loans
| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
|---|---|---|---|---|---|---|---|
 Loans.com.au - Dream Catcher | A home loan offer with a $0 application fee and one of the lowest available home loan interest rates. | 5.85% | 6.21% | $0 / $375 | 80% | $50,000 / $750,000 |
|
 Bankwest Online Home Loan | A low interest rate home loan with a $0 application fee and ongoing maintenance fees. This offer is exclusively available by applying online. | 5.97% | 5.97% | $0 / $0 | 80% | $100,000 / $1,000,000 |
|
State Custodians Mortgage Company Standard Variable Offset Loan | Awarded Mortgage of the Year 2012 – this multi-award winner features 100% offset and a loyalty 0.25% rate drop after 5 years. | 6.02% | 6.23% | $0 / $345 | 95% | $150,000 / $1,000,000 |
|
 Illawarra Home Loans Bank Beater Home Loan | A low variable rate, beaten down even further by 0.05% p.a. after 5 years. | 6.07% | 6.35% | $0 / $345 | 90% | $250,000 / $1,000,000 |
|
Ask A Question