Home loan portability, also known as a ‘substitution of security’ or a ‘security swap’, allows you to keep your existing loan structure when buying and selling. It's a handy feature that will enable you to swap the property securing your home loan from one property to another. You'll save all the hassles and costs of refinancing a loan for your new property when you're selling your home. If you have a fixed rate home loan, you can also reap the benefits of keeping your current fixed rate without factoring in break costs. You could even consider increasing your loan amount before porting your home loan if you need more funds to cover the new property purchase.
Before applying, you might want to first talk to a local home loan expert to check your eligibility. You could save yourself thousands when selling and buying a new property using your BankSA home loan portability feature. You’ll be able to keep the fixed interest rate on your existing loan while avoiding break costs. You could even apply to ‘top up’ or increase the loan before starting your portability application.
Enter your postcode, then select Experts to find your local lender, or if you prefer, visit your local branch.
There are two ways you can choose to use your loan portability feature.
It all depends on whether you have a new property already in mind or are still looking for your dream home.
When buying and selling at the same time, use this option for an easy substitution of your home loan security.
How it works:
What you need to do:
Use this option when you’ve sold your property but not purchased your new one yet, or you’re waiting on settlement.
How it works:
What you need to do:
Details of your current property and new property (if applicable), including the settlement date.
Select ‘No’ when asked ‘Will the loan be closed?’ and write ‘Application for loan portability’ under ‘Additional information’.
Please download, print, and sign the form before returning it to us. We’ll then get back in touch with you.
A like-for-like substitution is required to substitute your current property for a new one. This means substituting the property being held as security on the loan documents with a property of equal or greater value. The title of the new property must be in the name of at least one or more of the borrowers or guarantors named on the loan contract. If you’re downsizing and reducing your home loan, you may still be able to port your loan.
Please get in touch with your local home loan expert if you want to find out if you're eligible to use home loan portability. If your loan is suitable, you'll need to complete the Property and Security Request Form. We'll then get back to you on your application. You can always start a new home loan application if you're ineligible.
Credit Criteria, fees and charges apply. Terms and conditions available on request. Based on BankSA’s credit criteria, residential lending is not available for Non-Australian Resident borrowers.
This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.
*If you pay Lenders Mortgage Insurance on your current home loan and are interested in deferred settlement portability, the term deposit may only be set up as security against the loan for up to 3 months.