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What is a portable loan?

At Mortgage House, whether you are looking to buy your first home or your fifth home, we strive to provide loan, product and service outcomes that are tailored to your exact needs. A key to this is always identifying a range of mortgage finance product options that are suitable today and can have benefits for tomorrow. Having the ability to transfer your home loan to another property is one of those benefits. It is a feature that may already be included in your existing home loan, or one that Mortgage House can provide you with when you are looking to buy your first home, or subsequent ones. The home loan portability procedure is not a daunting one, and gives you the freedom and flexibility of taking your mortgage with you when you move house, now or in the future. A portable home loan provides you with both convenience and savings. Given that you usually take out a home loan for between 20 and 30 years, there is a high likelihood that you will move house at some stage within that period. As a result, having a feature where you can transfer your home loan to another property is something that can come in handy.

A portable home loan can offer a range of benefits including:

  • Convenience: Your BSB and bank account numbers stay the same, so you don’t have to re-arrange all your direct debits, automatic payments etc. This avoids any interruptions to your bill payments and means you have one less thing to worry about when you move house.
  • Savings: By having a portable home loan, you eliminate mortgage exit fees, loan establishment fees and loan stamp duty, potentially saving you thousands of dollars.

Mortgage House has a range of options that include the feature to allow you to transfer a home loan to another property, whether you are looking for a variable or fixed rate home loan. The home loan portability procedure is the same with both, and if you’re unsure which one is suitable for you, it is worth understanding what each type of home loan can offer:

  • Fixed rate home loan. A fixed rate home loan means your interest rate will stay the same over an agreed period, which is usually up to 5 years. While interest rates may be higher than comparable variable loans, it means you are quarantined from any rises in interest rates. A fixed rate home loan also gives you more security when it comes to budgeting, with the knowledge that your repayments will be the same over the agreed period.
  • Variable rate home loan. Being able to transfer a home loan to another property is also a feature of Mortgage House’s variable rate home loans. A variable rate loan means your interest rate can increase or decrease over the life of the loan, based on a range of internal and external factors. Variable rate home loans are the most popular kind of mortgages in Australia.

It can be difficult to compare both fixed and variable interest rate home loans, which is where comparison rates can be helpful. Comparison rates take into account any establishment fees, exit fees and any other charges that may be included. As a result, it can give you a good indication of what the loan may cost you over its life.