Transferring your mortgage at renewal — no penalty, often no fees.

This page is for you if

• Your term is ending within the next 12 months.
• You received a renewal offer from your bank and want to compare.
• You want to switch lenders without touching the balance or amortisation.
• You want to know whether a transfer would cost you anything (often nothing at renewal).

How it works

Frequently asked questions

• What's the difference between a renewal and a transfer?

  A renewal stays with your current lender. A transfer ("straight switch") moves your mortgage to a different lender, typically at renewal. The broker evaluates both in parallel.

• Are there fees to transfer?

  At renewal, generally none — the new lender usually absorbs legal and appraisal fees. Outside renewal, there's a break penalty. A broker calculates whether it's worth it.

• Does transferring change my amortisation?

  A pure transfer (straight switch) keeps the same balance and remaining amortisation. If you want to increase the balance or extend amortisation, it's no longer a transfer but a refinance, with different rules.

• How long does a transfer take?

  Typically 30 to 45 days. Best to start 3 to 4 months before renewal to lock a rate and avoid defaulting onto a variable rate.