When you move home you don’t always need to refinance. Instead, if you are happy with the terms and your new property meets the conditions set by your lender, you can take your existing home loan with you. Nowadays many standard home loans offer the opportunity to do this so you can save yourself the hassle of exiting one loan arrangement and setting up another.
Compare portable home loans in Australia
Find portable home loans from a wide range of Australian lenders that suit your needs, whether you're investing, refinancing or looking to buy your first home. Compare interest rates, mortgage repayments, fees and more.
Find and compare portable home loans
Interest Rate
Comparison Rate*
Repayment
5.94%
p.a
Variable
6.26%
p.a
$3,203
monthly
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Product
Variable Rate Home Loan – Refinance Only
Features
special
Receive an extra 0.01% p.a. discount every year, up to a maximum discount of 0.30% p.a.Winner of Best New Lender Home Loan, Best Refinance Home Loan, RateCity Gold Awards 2023
Interest Rate
Comparison Rate*
Repayment
5.74%
p.a
Variable
5.65%
p.a
$3,143
monthly
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Product
Executive Saver Home Loan
Features
special
Refinance before 31st December 2023 to enter the draw for a chance to win $50,000 off your mortgage. T&Cs apply. ~ Ends in 2 monthsInterest Rate
Comparison Rate*
Repayment
5.74%
p.a
Variable
5.78%
p.a
$3,143
monthly
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Interest Rate
Comparison Rate*
Repayment
5.79%
p.a
Variable
5.81%
p.a
$3,158
monthly
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Interest Rate
Comparison Rate*
Repayment
5.72%
p.a
Variable
5.87%
p.a
$3,136
monthly
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Product
Up Home
Features
special
Get $10 when you join Up. Download the app, sign up easily in 3 minutes and use the code: UPHOMERC. T&Cs apply.Interest Rate
Comparison Rate*
Repayment
5.90%
p.a
Variable
5.90%
p.a
$3,191
monthly
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Product
Up Home
Features
special
Get $10 when you join Up. Download the app, sign up easily in 3 minutes and use the code: UPHOMERC. T&Cs apply.Interest Rate
Comparison Rate*
Repayment
6.00%
p.a
Fixed - 2 years
5.92%
p.a
$3,222
monthly
Go to site
Product
Variable Rate Investment Loan – Refinance Only
Features
special
Receive an extra 0.01% p.a. discount every year, up to a maximum discount of 0.30% p.a.Interest Rate
Comparison Rate*
Repayment
6.04%
p.a
Variable
5.95%
p.a
$3,234
monthly
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Interest Rate
Comparison Rate*
Repayment
5.95%
p.a
Variable
5.97%
p.a
$3,206
monthly
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Interest Rate
Comparison Rate*
Repayment
5.99%
p.a
Variable
6.05%
p.a
$3,218
monthly
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Product
Basic Home Loan
Features
Cashback
Receive $2000 in cashback when you refinance. T&Cs apply.Interest Rate
Comparison Rate*
Repayment
6.04%
p.a
Variable
6.05%
p.a
$3,234
monthly
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Interest Rate
Comparison Rate*
Repayment
5.89%
p.a
Variable
6.14%
p.a
$3,188
monthly
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Interest Rate
Comparison Rate*
Repayment
6.09%
p.a
Fixed - 3 years
6.30%
p.a
$3,249
monthly
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Interest Rate
Comparison Rate*
Repayment
6.74%
p.a
Variable
6.75%
p.a
$3,451
monthly
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Product
Simplicity Plus Loan
Features
Cashback
$2,000 cashback when you refinance an eligible home loan.Interest Rate
Comparison Rate*
Repayment
6.89%
p.a
Variable
6.89%
p.a
$3,499
monthly
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Interest Rate
Comparison Rate*
Repayment
6.89%
p.a
Variable
7.00%
p.a
$3,499
monthly
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Product
Fixed Rate Loan
Features
Cashback
$2,000 cashback when you refinance an eligible home loan.Interest Rate
Comparison Rate*
Repayment
6.29%
p.a
Fixed - 2 years
7.01%
p.a
$3,311
monthly
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Interest Rate
Comparison Rate*
Repayment
6.99%
p.a
Variable
7.06%
p.a
$3,531
monthly
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Product
Fixed Rate Loan
Features
Cashback
$2,000 cashback when you refinance an eligible home loan.Interest Rate
Comparison Rate*
Repayment
6.59%
p.a
Fixed - 2 years
7.07%
p.a
$2,746
monthly
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Interest Rate
Comparison Rate*
Repayment
7.24%
p.a
Variable
7.25%
p.a
$3,611
monthly
Go to site
Why opt for portable home loans?
Portability equals flexibility when it comes to home loans, and as standard loans are often taken out for between 25 to 30 years it’s quite likely you’ll want to move house once or twice during the loan term.
Portability home loans mean you only have to pay upfront costs once, rather than each time you move. Lenders set different parameters and have different rules when it comes to who is eligible to use the portability feature so it’s important to check these when you first take out your home loan rather than risk disappointment when you decide you want to move.
You should also be aware of the following factors:
- You will need to provide evidence to demonstrate that you’re moving house, such as the contracts of purchase and sale relating to both your new and your old properties respectively;
- You will be issued with new mortgage documents and your valuation documents must comply with your lender’s loan to value (LVR) ratio;
- It may be possible to top up your existing loan and to agree with your lender whether exchange and settlement must occur on the same day; some obliging lenders will vary this rule.
What are the rewards of a portable home loan?
One of the chief benefits of portability home loans is that they help you save money in two ways. When you first apply for a loan you have to pay establishment fees and these can be hefty, depending on your lender. With home loan portability, you will simply be transferring your existing loan to a new property so there will be no need to pay repeat fees. In just the same way, when you leave a loan or repay it early you will normally have to pay discharge fees. These can vary according to the lender and may be costly. With portability home loans, you simply transfer your loan to the new house so you don’t have to pay those fees twice.
What are the risks?
It’s worth noting that there are some restrictions on portability home loans that you need to consider carefully before committing to one. While you can certainly save time and money, you may not be able to alter the loan structure, including how many borrowers are liable for repayments and the level of the agreed interest rate. You may have to sign a variation if the amount you are borrowing is going to change.
The other risk is that despite saving on some fees your lender may charge you a fee to transfer your loan. On the positive side, this is normally a modest amount even if you still owe a large amount of money from the original loan.