How to Break Away From Costly Bank Loyalty
Staying loyal to your bank often feels like the responsible thing to do.
You opened your accounts there, took out your mortgage there, and have stayed put because everything “works”. But if you’ve never reviewed your home loan, that loyalty could be costing you more than you realise.
The good news is that changing doesn’t have to be complicated or stressful. Here’s how to step away from blind loyalty and make sure your home loan is actually working for you.
Step 1: Question Whether Your Loyalty Is Being Rewarded
The first step is simply asking the question most homeowners never do.
Have you ever been proactively offered a better rate or loan structure because you’ve been a long-term customer?
If the answer is no, it’s worth recognising that loyalty alone isn’t delivering value — and that’s okay. It just means it’s time to review.
Step 2: Understand What Your Loan Is Really Costing You
Many homeowners know their repayment amount, but not their interest rate or how it compares to what’s available.
Take the time to understand how much interest you’re paying and whether small differences could add up over time. Often, the cost of staying put isn’t obvious until you look at the numbers.
Step 3: Accept That Comfort Isn’t the Same as Value
Staying with the same bank feels easy. Changing feels like effort.
But comfort doesn’t guarantee you’re getting a good deal. Many people remain in outdated loans simply because reviewing them feels like something they’ll do later.
Recognising this is a big step forward.
Step 4: Review Whether Your Loan Still Fits Your Life
Think about how much your life has changed since you first took out your mortgage.
Your income, expenses, and priorities are likely very different now. Yet your loan may still be structured around who you were years ago.
A loan that once made sense isn’t automatically the right one forever.
Step 5: Check Whether Loyalty Is Limiting Your Options
An outdated loan doesn’t just cost interest — it can also limit borrowing capacity and flexibility.
Higher rates or inefficient structures can make upgrading, renovating, or investing harder than it needs to be.
Understanding whether your loan is holding you back is a key part of the process.
Step 6: Get an Independent Review
The easiest way to change without guesswork is to get an objective review.
Rather than relying on your current bank to tell you whether you’re getting a good deal, an independent review looks at your loan from your perspective — not the lender’s.
Step 7: Let Someone Manage the Change for You
One of the biggest reasons people don’t act is the fear of complexity.
In reality, refinancing is a managed process. Applications, valuations, discharge, and settlement can all be handled for you — with minimal disruption.
Changing doesn’t have to mean stress.
Why Changing Is Easier With the Right Support
Breaking away from costly loyalty doesn’t mean navigating it alone.
Chase Douglas has extensive experience in mortgage lending and helps homeowners review their loans objectively, identify whether loyalty is costing them, and manage the refinance process if change makes sense.
Chase focuses on real outcomes — interest saved, repayments reduced, borrowing capacity improved — and handles the details so you don’t have to.
Ready to Make the Change?
If you’ve stayed loyal to your bank simply because it felt easier, now is the time to check whether that loyalty is still paying off.
You don’t need to commit to changing banks to take the first step.
👉 Book a refinance review with Chase Douglas and find out whether changing could put you in a stronger financial position.
Because loyalty should work both ways — and your home loan should work for you.
