We often get asked: "Is my current bank still the right choice for me?" It's a great question—and one worth exploring, especially when you're thinking about refinancing or re-fixing your loan.
How Banks Treat Existing Customers
Traditionally, many banks have focused their best offers on attracting new customers. However, we’ve seen some shifts in the market. Some banks are now offering incentives—like cashback—to retain existing clients who have been with them for more than 3 or 4 years and are outside of the original cashback clawback period. These offers can be a way of saying “thank you” and encouraging you to stay put.
That said, not all banks offer these loyalty incentives. It really depends on the bank’s appetite for lending at that time, as well as your individual situation—things like your equity, repayment history, and current income.
What About New Customers?
When it comes to attracting new borrowers, banks will usually assess the strength of your application—your income, equity position, existing debts, and overall financial profile. If your application is strong, you may be offered competitive interest rates and a healthy cashback to switch.
In many cases, the rates offered to new customers are very similar to what’s available for existing customers. The key difference is often in the incentives and support available during the transition.
What Should You Do?
If you’re not sure whether to stay with your current bank or look elsewhere, the best thing you can do is chat with an adviser. We’ll help you understand whether a refinance or restructure is going to improve your financial position—and more importantly, whether it’s worth your time and effort.