Can You Transfer Your Home Loan to a New Property?

By Steve Chin - June 2026 - 5 min read

What is loan portability?

Loan portability - sometimes called substitution of security - lets you transfer your existing mortgage from your current property to a new one. Your loan stays with the same lender, with the same account, the same rate, and the same terms. The only thing that changes is the property securing the loan.

Think of it as picking up your loan and moving it to a different address. Instead of going through the full process of discharging your old loan and applying for a brand new one, the lender simply swaps the security property.

Which lenders offer portability?

Not all lenders offer loan portability, and among those that do, the conditions vary. Some of the major banks and larger non-bank lenders include portability as a standard feature, while others do not offer it at all or charge a fee.

Even when portability is available, it is not always automatic. The lender will still need to value the new property, reassess your financial position, and confirm the loan meets their current lending criteria. It is a lighter process than a full new application, but it is not a rubber stamp.

The portability process

• 1.Notify your lender - tell them you are selling your current property and buying a new one, and that you want to port your loan
• 2.Property valuation - the lender will arrange a valuation of the new property to confirm it meets their security requirements
• 3.Financial reassessment - the lender checks that your current income and expenses still support the loan
• 4.Approval and settlement - once approved, the lender coordinates the release of the old security and registration of the new one, ideally on the same day

Limitations of portability

Portability comes with conditions that can limit its usefulness:

• 1.Same or lower loan amount - most lenders will only port the existing loan balance. If you need to borrow more for the new property, you may need a top-up (separate application) or refinancing may be simpler
• 2.Revaluation required - the new property must meet the lender's valuation and security requirements. If it is a non-standard property type, this could be an issue
• 3.Timing coordination - the sale of your old property and purchase of the new one need to align closely. If there is a gap, the lender may need to temporarily hold the loan without security, which not all will agree to

When porting is better than refinancing

You have a fixed rate worth keeping. If you locked in a rate of 4.5% and current rates are 6%, porting saves you from paying break costs and losing that rate. The break cost alone on a fixed loan can be thousands of dollars, so this is often the strongest reason to port.

Your current rate is competitive. If your existing variable rate is already among the best available, there is little to gain from refinancing. Porting avoids the paperwork, fees, and time involved in switching lenders.

You do not need more money. If the new property costs the same or less than your current one, porting is simple and efficient.

When refinancing is the better option

You can get a significantly better rate. If your current rate is 6.5% and you can refinance to 5.9%, the saving on a $500,000 loan is around $3,000 per year. Over the life of the loan, that adds up significantly.

You need to borrow more. If you are upgrading to a more expensive property and need a larger loan, refinancing with a new lender is usually simpler than porting plus a separate top-up.

Your current lender's policies have changed. Lenders update their products and policies regularly. What was competitive when you first took out the loan may not be competitive now. A move is a natural point to reassess.