Traction resources
Time for a mortgage review?
Your mortgage doesn't have to stay the same forever. Whether your fixed rate is coming to an end or your plans have changed, it's worth checking that your mortgage still works for you.
When should you review your mortgage?
We often catch up with clients when it's time to refix their interest rate, but you can review your mortgage at any point. A change in income, expenses, savings or future plans can all be good reasons to have another look. A review doesn't always mean making changes — sometimes staying where you are is the right move.
Your options
Refix, restructure or refinance?
These are three common options we consider during a mortgage review. Which one makes sense depends on your circumstances, goals and the costs involved.
01
Refix
Choose a new fixed interest rate and termRefixing is when your current fixed interest rate comes to an end and you choose a new fixed rate and term, usually with your existing bank.
It's a good time to look beyond the advertised rate. How long should you fix for? Do you want to change your repayments? Are you planning to make extra repayments or make other changes soon?
How we help: We talk through your plans, compare the available fixed-term options and help you choose a term that suits what you're working towards. We can also check whether your existing bank has any retention payment available — it's never guaranteed.
02
Restructure
Change how your mortgage is set upRestructuring means changing the way your mortgage is split or set up. For example, you might use different fixed terms, keep a portion floating, or look at an offset or revolving credit facility.
This can be useful if you want more flexibility, plan to make extra repayments, or need a structure that better fits how you manage your money.
How we help: We look at the different loan structures and lender rules, including extra repayment limits and possible break costs, then help you work out what suits your goals. Explore loan structure types.
03
Refinance
Move your mortgage to another lenderRefinancing is when you move your mortgage from your current bank to a new lender. It might be worth considering if another bank offers a more suitable rate, loan features or overall package.
But moving banks isn't automatically the better option. There can be switching costs, and the new bank will need to assess your application against its lending criteria.
How we help: We compare the options across lenders, look at the full cost of moving and help manage the application and switching process if you decide to go ahead.
Costs and payments
What about the costs?
There can be costs involved in changing your mortgage, and sometimes there are payments available that help offset them. We factor these into the review so you're comparing the overall outcome, not just the interest rate.
Breaking a fixed term
Changing or repaying a fixed loan before its term ends may trigger an early repayment or break charge. The amount depends on your bank and loan, and can be significant.
Refinancing costs
Moving banks may involve legal fees, mortgage discharge fees and other lender or setup costs. We'll consider these before recommending a move.
Paying back cashback
If your current bank gave you cashback, you may need to repay some or all of it if you leave within the agreed period. The conditions depend on your original agreement.
New cashback or retention payments
A new bank may offer cashback for switching, while your current bank may offer a retention payment for staying. Offers vary, aren't guaranteed and may come with conditions or repayment obligations.
Why it's worth talking to an adviser: A lower interest rate or a cashback offer can look appealing on its own. We help you weigh up the rates, loan features, break costs, legal fees, cashback obligations and your future plans before you decide what to do.
The process
What happens during a review?
It starts with a conversation. We'll work through your current mortgage and what's changed, then help you understand the options available.
STEP 01
Review your mortgage
We check your loan balances, rates, repayments, fixed-term dates and current structure.
STEP 02
Talk about your plans
We discuss what's changed and what you'd like your mortgage to do for you.
STEP 03
Compare the options
We look at refixing, restructuring or refinancing, including the costs and trade-offs.
STEP 04
Work through the next steps
Once you've made a decision, we help organise the changes and explain what happens next.
You don't need to work it all out first. You don't have to know whether you should refix, restructure or refinance before getting in touch. That's what we're here to help you figure out. And if your current mortgage is still the best fit, we'll tell you that too.
Ready to review your mortgage?
Whether your fixed term is nearly up or you just want to check you're on the right track, have a chat with Traction. We'll help you understand your options and what makes sense for you.
This resource is general information only and is not personalised financial or legal advice. Interest rates, lender criteria, fees, cashback offers and retention payments vary and may change. Any changes to your mortgage are subject to lender terms and approval where required. Your adviser can help you assess your individual circumstances; independent legal advice may also be needed.
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