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