Up to 30 lenders have been competing for this potential business, offering lucrative cashback offers from $2,000 to $10,000 to win your signature. 

It is essential to keep a constant focus on their mortgage costs. Mortgage products can be complicated, and the ones with the lowest interest rate don't always work out to be the cheapest because of fees and lock-in clauses that penalise you if you leave or pay off your mortgage earlier than scheduled.

A quick list of issues you should consider when switching lenders:

1. Research – With more than 30 lenders offering incentives to jump from your current lender, your research must be diligent. 

2. Your needs – Ask why you need to switch lenders. Are you looking for a lower monthly repayment, an adjustable mortgage rate or a fixed-rate deal that will give you peace of mind? 

3. Costs – Fees often come with refinancing a mortgage. 

4. Equity question – Do you know how much equity you have in your loan? 

If you want to shop around for a better interest rate, give us a call.