If you’ve had your home loan for a few years—or even just over 12 months—there’s a good chance you’re paying more than you should. Lenders often reserve their best interest rates for new customers, leaving existing borrowers on higher rates unless they actively negotiate.
This is where repricing your home loan can make a big difference.
In this blog, we explain what repricing is, how it differs from refinancing, and how to negotiate a better deal with your bank, potentially saving you thousands in interest without switching lenders.
Repricing means renegotiating your interest rate with your current lender, without changing the loan structure, term, or switching banks. It’s a quick and simple way to reduce your repayments without the paperwork of a full refinance.
| Feature | Repricing | Refinancing |
|---|---|---|
| Lender | Stay with current lender | Switch to a new lender |
| Paperwork | Minimal | New loan application required |
| Credit check | Usually not needed | Required |
| Cost | Often free | May involve exit and setup fees |
| Timeframe | Quick (a few days) | Longer (2–4 weeks on average) |
| Best for | Small rate reductions, simplicity | Major savings or structural changes |
If you're happy with your current lender but want a better rate, repricing is a smart first step.
Here’s a simple step-by-step approach:
Find out your current interest rate, repayment amount, loan type (fixed or variable), and remaining loan term.
Look at what other lenders—and even your bank—are offering to new customers. This gives you leverage when asking for a better deal.
Call your bank and ask to speak to the customer retention or loan repricing team. Let them know you’re considering refinancing unless they can offer a more competitive rate.
Be polite but firm. Mention competitor offers, your loyalty, and your clean repayment history. Ask for the best rate they can offer—and don’t accept the first offer if it’s not close to the market average.
If the new rate is competitive, confirm the changes and get the updated loan details in writing. If not, it might be time to refinance with a different lender.
Not confident negotiating with your bank? You don’t have to do it alone.
At DDP Finance, we help homeowners and investors:
Often, a simple repricing request can save you thousands in interest over the life of your loan, with no need to change banks or reset your loan term.
Banks rarely reward loyalty—unless you ask. If it’s been more than a year since you reviewed your home loan, chances are you’re leaving money on the table.
A quick phone call or email could reduce your repayments, improve your cash flow, and help you pay off your mortgage sooner.
Ready to reprice your home loan or explore better offers? Contact DDP Finance today and let us negotiate the deal you deserve.
