Strange thing for a mortgage broker to say. But your current bank wants to keep you at renewal, so "never renew with your bank" is mostly bad advice.
We are not going to invent a villain to win your business. Here is the real reason people move their renewal to us — and it is not the rate.
Bring us your bank's number. We will usually match or beat it — and switching at renewal costs you nothing. What a renewal letter cannot give you:
Same rate. Same house. A plan attached to it.
They get confused constantly, and they are not the same thing.
Your term is ending. This is the one moment you can move with no penalty — so it is the cheapest time to ask whether anything else should change.
You want to use the equity you have built — clear expensive debt, fund a renovation, buy an investment property, or restructure around a bigger strategy.
Turning non-deductible mortgage interest into tax-deductible investment interest. It only works with a readvanceable mortgage — which can only be set up at a renewal or refinance. Miss the window and you wait years. Not right for everyone, and leveraged investing carries real risk. But you should know it exists before signing another five-year term.
It is not a first-time buyer perk. If anything a renewal is the better moment for it — you have equity, you have history, and real decisions to make with both.
Usually not. Occasionally we see one that is genuinely off-market and we will say so. But we will not pretend that is the norm.
The rate you get either way. What a renewal letter cannot do is check the whole market, review whether the structure still fits your life, build you a retirement plan, and put you in a room with people doing the same thing.
Usually nothing. No penalty when your term ends, and the new lender typically covers the transfer. There is paperwork — we do most of it. Call it an hour of your time.
Then we say so. It costs you nothing to have found out.
We will tell you honestly whether it is good.
Book a Renewal Strategy Call →