How much will using Switch my Mortgage cost me?

Our services are totally free of charge to you, no catches. We get paid by the lender chosen to best suit your needs. Switch my Mortgage will also pay ALL costs for any credit checks, title searches and document courier.

Will my current lender hit me with a massive exit fee?

Exit fees were abolished by ASIC in 2012, however they may be a discharge or admin fee from your current lender, and these are usually around $300.

Are you a licensed broker and a member of a professional mortgage industry body?

We are a fully accredited brokerage, registered with ASIC and operating under Australian Credit Licence 510320. All of our mortgage brokers are full members of the Mortgage & Finance Association of Australia (MFAA).

How does Switch my Mortgage determine the best lender for me?

Our primary job at Switch my Mortgage is to source the best home loan for your specific needs. Securing a low interest rate is key, but we will also assess your requirements and then present a number of product options. They should be able to demonstrate how they research and rate their selections, and which loan best fits your current financial circumstances.

How much can I borrow?

To avoid the additional cost of Lenders Mortgage Insurance (LMI), you can borrow up to 80% of the value of your home. Borrowings over 80% Loan to Value Ratio (LVR) will incur LMI costs. See the LMI factsheet on the right hand side of this page.

What paperwork will I need to Switch my Mortgage?

You will need to present the following for a standard refinance:

  • 100 points of ID (usually passport & drivers license)
  • Last 2 payslips (if employed)
  • Company tax returns or 6 months BAS statements or Accountant declaration (if self employed)
  • Most recent council rates and/or water rates notice of security property
  • 6 months of mortgage statements of security property
  • 3 months of credit card statements held by any applicant
  • Tenancy agreement or rental statement (if an investment property)

How long will the refinance take?

Typically we aim to complete the refinance within 14 days (subject to all requested documentation being provided). Access to a printer/scanner will speed this time-frame up as will e-signatures and online banking.

Please Contact Us for more information.