Changing your mortgage

You may have the option to change your mortgage arrangements during the life of your loan. This might be:

  • a necessary change because of financial stress
  • your personal situation changes and a different loan would suit you better.

Think very carefully about your options before changing your loan.

Financial stress

Talk to your lender if your situation changes and you can no longer afford your mortgage repayments. The earlier you seek help, the better chance you will have of regaining control of your money.

Most financial institutions will help you through these times with options such as:

  • reducing payments
  • delaying payments for a short time
  • completely redesigning your mortgage package.

You can talk to a financial counsellor if your mortgage or other debts are causing a lot of stress in your life.


You may need to refinance your loan if your financial situation changes. Shop around to see if you can find a better deal than you currently have.

Most lenders have mortgage calculators on their websites. You can use these to compare loans between different lenders and choose one that best suits your situation.

Refinancing can cost you extra in fees and charges.

Only refinance if you’re sure the savings will outweigh the costs.