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“The Pros and Cons of Refinancing with Your Current Lender’s Offer in Australia”



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  1. Convenience: Refinancing with your current lender can be a convenient option, as they already have all your details on file. You won’t need to fill out new forms or go through the application process with a new lender. This can save you time and effort.
  2. Better deal: Your current lender may offer you a better deal than other lenders, as they want to keep you as a customer. They may be willing to lower your interest rate, waive certain fees, or offer additional loan features to entice you to stay. This can save you money on your mortgage repayments.
  3. Familiarity: You’re already familiar with your current lender and how they operate. You know their policies and procedures, and you have an established relationship with them. This can make the refinancing process smoother and less stressful.


  1. Limited options: Refinancing with your current lender may limit your options. You won’t be able to compare offers from other lenders, so you won’t know if you’re getting the best deal. You may also miss out on better loan features or terms that are only available from other lenders.
  2. Bias: Your current lender may have a bias towards their own products and services. They may not present you with all the options available to you, as they want you to choose their offer. This can make it difficult to make an informed decision.
  3. Negotiation: Refinancing with your current lender may limit your ability to negotiate. They may not be as willing to negotiate on interest rates or fees, as they know you’re already a customer. This can limit your ability to get the best deal possible.
  4. Loyalty penalty: Your current lender may charge a “loyalty penalty” if you refinance with them. This is a higher interest rate or additional fees that are charged to existing customers, compared to new customers. This can negate any potential savings you may receive from refinancing.

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