Portable Home Loans — Move Home, Keep Your Loan
Changing address shouldn’t mean starting over. Our portable mortgages let you transfer your loan to your next property with minimal disruption
We will do our very best to find a solution that meets your expectations.
Benefits: Retain accounts, avoid exit fees, simple settlement coordination, offset compatibility.
About Portable Home Loans
When you move house, you can now take your mortgage with you. A portable home loan provides you with both convenience and savings. Given that you usually take out a home loan for between 20 and 30 years, there is a high likelihood that you will move house at some stage.
As a result, mortgage portability is something that will come in quite handy. Here’s what a portable loan can offer:
- Convenience: Your BSB and bank account numbers stay the same, so you don’t have to re-arrange all your direct debits, automatic payments etc. This avoids any interruptions to your bill payments.
- Savings: By having a portable home loan, you eliminate mortgage exit fees, including Deferred Establishment Fees (DEF), and loan stamp duty, saving you thousands of dollars.
Compare our portable home loan interest rates and product features below.
Advantages
- Keep all of your account details and bill payments - have one less thing to worry about when moving house
- Eliminate thousands of dollars in fees that are incurred when applying for a new mortgage.
What is a portable loan and how do they work?
You may be surprised to know that your current loan might be portable. You might also be surprised by how many portable mortgages are available. A portable loan simply means what it sounds like. You can take your loan with you if you buy a new house. Most mortgages are for 30 years, and there aren’t too many of us who stay in one house for 30 years, not today anyway. Mortgage House understands this, and incorporates portability into a lot of its mortgages. The important thing to remember is selling up and buying a new house with a portable loan means you still have the same loan, it is not a new loan. If you need to increase your loan amount, you may be able to, but if you want to borrow more money than your current loan allows, you may have to apply for a new loan.
How can loan portability benefit my mortgage?
Portable mortgages can offer a lot of benefits. The main one is convenience. You won’t have to shop around and negotiate a new loan, and your BSB and bank account details stay the same.
This can be handy as you won’t have to re-arrange all your direct debits and automatic payments. This can also be good for your budget planning, as you won’t have any interruptions to your payments.
How does home loan portability work?
The first thing to find out is whether or not your current loan is portable. If so, great. It may not be, however, and there can be some restrictions on your current loan.
If you are looking through our mortgages to find a new one, then make sure you ask us whether or not any mortgages you have your eyes on are portable. Wanting to protect yourself before committing to any loan is important, especially if you want to be able to keep fees down in the future.
But remember, if you want to increase the amount of your loan outside of the loan agreement, you may need to apply for another loan. This is important when considering the price of any new house you want to buy.
What mortgages can I choose from if I want a portable loan?
As we mentioned before, not all loans can be portable, but there are plenty of options that are. Check out some of the best options below. At Mortgage House we offer portable loans that are both offset and no-offset mortgages, as well as a range of standard variable loans.
We can also offer an interest-only option if that’s something that can help you achieve your dream. Because at Mortgage House that is what we are all about. We are focussed on providing you with the best loan product and service for your needs. We do that by listening to what you want and what your needs are, not telling you what we think you want.
From there, we use our experience to find products and services that align with your goals. Our specialist technology can then ensure a seamless process and provide you with ongoing support throughout the life of your loan, and beyond if needed.
How are portable loans different from mortgage refinancing?
There are a few big differences between portable mortgages and refinancing your loan. The main difference is that when you choose loan portability, your loan basically doesn’t change. It is the same loan with the same conditions, the same payments and the same interest structure.
The only thing that really changes is the address of your house. Refinancing can be a great option if you want to buy a new home, upgrade or even give your current loan a health check.
This means you will have a new loan with new repayments, conditions, fees, length etc. There may also be exit and establishment fees when you refinance, and you can refinance with any bank or lender, not just the one you are currently with.
If you have a number of other loans, such as a car loan or personal loan, refinancing them all into one loan, even a mortgage, can reduce your repayments and even the amount of interest you pay overall.
Speak to us about these options, and whether the new loan could be from the range of our portable mortgages.
Disclaimer: All lending is subject to responsible lending obligations, full assessment and verification. Acceptance, pricing and features (including Alt/Lo Doc, construction, cash-out, ATO restructure, business purposes and trust borrowing) are subject to valuation, LVR and Underwriting Credit Policy at the time of decision. This is general information only — seek licensed tax, legal and financial advice.
