Home loans

How to ask your bank for a lower home loan rate

Updated November 2026

Lenders often charge existing customers more than they offer new ones. If you've had your loan for a few years, there's a good chance you're paying more than you need to. Asking for a rate review is free and takes one phone call or email.

Step 1: Know what you're paying

Find your current interest rate, your loan balance and any annual or monthly fees. They're on your statement or in your banking app.

Step 2: Find a better rate

Look at what other lenders advertise for a loan like yours, or ask a broker. Compare comparison rates, not just headline rates. For home loans, the comparison rate is based on a $150,000 loan over 25 years and includes most fees.

Compare your rateSee what the gap costs you each year and over the life of the loan.

Step 3: Ask

Call your lender or send a message. Tell them the rate you've found and ask them to review yours. If customer service can't help, ask for the retention team. They usually have more room to move.

Being specific helps. "I've been offered 7.09% elsewhere and would like to stay. Can you match it?" works better than "Can I have a better rate?"

Step 4: If they won't move, add up the switching costs

A discharge fee from your current lender.
Application or settlement fees from the new lender, though many waive them.
Queensland Titles Registry fees to release your current mortgage and register the new one.
Lenders mortgage insurance, if you have less than 20% equity.

If the yearly saving is well above these costs, switching is usually worth it. Check the new loan has the features you use, like an offset account.

General information only, not credit advice.