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What’s home loan portability?

Home loan portability, also known as a ‘substitution of security’ or a ‘security swap’, allows you to keep your existing loan structure when buying and selling. It's a handy feature that will enable you to swap the property securing your home loan from one property to another. You'll save all the hassles and costs of refinancing a loan for your new property when you're selling your home. If you have a fixed rate home loan, you can also reap the benefits of keeping your current fixed rate without factoring in break costs. If you require an increase to the loan, this must be done either before, or after the application has been finalised - remember if you have a fixed rate loan, break costs may apply.

Why you should consider portability

Keep your current home loan
No changes to rates, repayments, features or linked accounts. Retain your direct debit and offset set ups.
No break costs for fixed rates
Fix your home loan without the fear of break fees by keeping your existing limit and balance when changing the security.
No new loan application fees
Keeping your current loan will avoid the potential upfront costs and hassles involved with applying for a new loan.
Faster, less prep and paperwork
Faster than applying for a new loan, moving your existing loan to your new home will reduce prep and paperwork.

Let’s get you started

Before applying, you might want to first talk to a local home loan expert to check your eligibility. You could save yourself thousands when selling and buying a new property using your St.George home loan portability feature. You’ll be able to keep the fixed interest rate on your existing loan while avoiding break costs. You could even apply to ‘top up’ or increase the loan before starting your portability application.

Enter your postcode, then select Experts to find your local lender, or if you prefer, visit your local branch.

How does home loan portability work?

There are two ways you can choose to use your loan portability feature.
It all depends on whether you have a new property already in mind or are still looking for your dream home.

Same time settlement

When buying and selling at the same time, use this option for an easy substitution of your home loan security. 

How it works:

  • Your existing property is held as security against your home loan
  • The settlement dates for the property you are selling and the property you are buying are aligned
  • The loan security is transferred from your old property to the new one.

What you need to do:

  • Before you sell your current property or buy your new one, apply for loan portability
  • You’ll need to provide us with the sales contract for the new property purchase
  • Continue to pay your home loan repayments as normal.

Deferred settlement

Use this option when you’ve sold your property but not purchased your new one yet, or you’re waiting on settlement. 

How it works:

  • You’ve sold your current property but not bought or settled on your new property
  • A term deposit is set up by the bank, using the proceeds of the sale as security against the loan for up to 6 months (conditions apply)
  • If you pay Lenders Mortgage Insurance on your current home loan, the term deposit may only be set up as security against the loan for up to 3 months 
  • Once the new property is ready to settle, the term deposit is closed, and the new property is secured against the loan.

What you need to do:

  • Before your current property sale, apply for loan portability 
  • Provide us with the sales contract once you have found the new property you want to secure against the loan
  • Continue to pay your home loan repayments as normal.

Applying for home loan portability

If your home loan is eligible, you'll need to apply for a 'substitution of security' by completing the Property and Security Request form, making sure you provide the following:

Step 1

Details of your current property and new property (if applicable), including the settlement date.

Step 2

Select ‘No’ when asked ‘Will the loan be closed?’ and write ‘Application for loan portability’ under ‘Additional information’.

Step 3

Please download, print, and sign the form before returning it to us. We’ll then get back in touch with you.


A like-for-like substitution is required to substitute your current property for a new one. This means substituting the property being held as security on the loan documents with a property of equal or greater value. The title of the new property must be in the name of at least one or more of the borrowers or guarantors named on the loan contract. If you’re downsizing and reducing your home loan, you may still be able to port your loan.

Please get in touch with your local home loan expert if you want to find out if you're eligible to use home loan portability. If your loan is suitable, you'll need to complete the Property and Security Request Form. We'll then get back to you on your application. You can always start a new home loan application if you're ineligible.


Important information

Credit Criteria, fees and charges apply. Terms and conditions available on request. Based on St.George’s credit criteria, residential lending is not available for Non-Australian Resident borrowers.

This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.

*If you pay Lenders Mortgage Insurance on your current home loan and are interested in deferred settlement portability, the term deposit may only be set up as security against the loan for up to 3 months.