The process in switching home loans.

When you want to switch your home loan, the first thing to do is to cancel your existing bond and registering a new bond at the desire bank. For the new bank to consider your application you will need a clear credit record and all your bond payments must be up to date.

You will have to give your current bank at least 90 days notice before settling the home loan, because of this, your new bond will take about 3 months to register.

When you decide to switch your home loan, be sure to consult your bond originator first. Often you are able to qualify for a reduction in costs and you may get a cash back bonus.

Then your bond originator will send you application to the bank, and get the process going. The bank will perform a credit check and valuation on your property before giving you an interest rate.