25 May 2022

How much does it cost to switch mortgage providers? – Online Switching

new mortgage provider

It has never been easier to switch to a new mortgage provider because of the internet! You no longer have to rely on in-person meetings and phone calls to inquire about mortgage loan information. Instead, now you can use the internet and reliable search engine sites to find the best Australian mortgage providers that fit your needs.

It can be costly to switch mortgage providers, especially online. Although most mortgage loan companies provide information online, not everything is public or easy to find. Having a qualified mortgage loan expert is excellent for switching mortgage providers online.

Before you can switch to a mortgage provider online, though, you should read your contract’s written agreements and terms. Some companies do not allow early termination or have a discharge/exiting fee, and your termination fee can be anywhere from $200 to over $1,000. Typically, the higher risk of your mortgage loan is considered, the higher the discharge fee will be.

Not all costs that you have to provide come from closing your old loan. You still have to go through a lengthy application process when you switch to a new loan. This means that you will need to pay for the application and any added fees. The fees alone for a new mortgage loan can reach $1,000 depending on the type of loan and the age.

Online Mortgage Switching Conclusion

All in all, online mortgage switching is a great tool and resource. The internet has so much information regarding Australian mortgage lender companies that it makes it quick and easy! That being said, it is still best to consult a professional. 

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