Peering over a mortgage cliff? Here’s how to refinance your home loan

Before you rush to switch banks, pick up the phone and call your current bank to see what it can offer.

Many banks offer perks such as temporary rate discounts, frequent flyer points and wads of cash, but do your homework – enticing offers can sting in the long run. Interest rates were at bargain-basement levels of 2-3 per cent, even for fixed-rate loans, and banks were handing out comically large stacks of cash in an attempt to woo new customers. It was the best of times, but, as Nelly Furtado once said, all good things come to an end.

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