Renewal, refinancing or switching lenders?

Timing and qualification

Starting three to four months before maturity gives you room to compare offers. Most lenders will hold a rate for 90 to 120 days, which protects you if rates rise and usually lets you take a lower rate if they fall.

A refinance is a new uninsured mortgage, so you qualify in full at the higher of your contract rate plus 2% or 5.25%.

Renewal: a new term on the remaining balance

A renewal continues the mortgage after the current term ends, usually with a new rate and term. Your remaining amortization does not disappear simply because you choose another term. Review the lender's offer against your budget, prepayment plans and expected time in the property.

Staying with the same lender may involve less paperwork, but it does not mean every requested change is automatic. Adding a borrower, increasing the balance or changing repayment arrangements can require additional approval. Ask exactly what the lender is offering and when you must respond.

Switching: moving the mortgage

A switch generally means moving the existing mortgage to another lender without taking out extra funds. The new lender reviews the file and the registration on title. Transfer eligibility, legal arrangements and qualification treatment depend on the loan and current rules.

A collateral charge, linked debts or a proposed amortization change can make a move more complicated than a straightforward transfer. Some lenders cover selected transfer costs, but exclusions may apply. Get a written breakdown of discharge, registration, appraisal and administration costs before deciding that a lower rate saves money.

Refinancing: changing the borrowing plan

Refinancing commonly replaces the mortgage to access equity or change the structure, such as consolidating debts or adjusting amortization. The lender assesses the new loan using property value, income, credit and other obligations. Available equity alone does not establish that you qualify.

If you refinance before maturity, an early-exit penalty may apply. At maturity, you may avoid that penalty, but other closing costs can remain. Extending repayment can lower a monthly payment while increasing lifetime interest. Compare the debt-free date and total cost as well as immediate cash flow.

Build one consistent comparison

Use the same balance, proposed funding date and repayment horizon for each option. Include fees paid now and fees added to the loan. For a debt consolidation refinance, consider whether you will continue paying down principal or gradually rebuild the debts you cleared.

Give our brokers your current statement, maturity date, income documents and goals. We can explain which proposals are renewals, switches or refinances and identify conditions still outstanding. Leave enough time for appraisal and legal work rather than waiting until your existing lender's offer is about to expire.

Consider service arrangements too. Ask how payments are set up, how you request a lump sum and whether your linked accounts or credit facilities will change. These practical details may not appear in a rate comparison, but they can affect how easily you manage the mortgage after the transfer.

How our brokers can help

Our brokers can review your mortgage questions, explain lender requirements and compare the options that fit your plans. Where legal, tax or investment advice is needed, we will help you identify the questions to bring to the appropriate professional before you commit.