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Should I move my mortgage to another bank? | Real Money Talk | Velocity Financial Advisers

The banks really want your business!

In a bid to attract more lending, some banks are offering a 1% cash incentive for people to bring their mortgages across. So, if your mortgage is $800,000, this could mean a$8,000 cash payment – a very helpful thing in times of high living costs!

So, should you move bank?

It depends. Some things to consider:

Is your current bank offering competitive interest rates?

What will your legal fees be to move across?

Will there be a clawback of cash already given to you, by your current bank?

Does the timing workout (factor in the paperwork and lead times for your application)

For some of our clients, the move has been worthwhile. For others, it wasn’t going to be worth the hassle. If you are considering moving, talk this over with your adviser.

Our advice is free and could save you a bunch of money.

Book in a time to talk to us.

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