Chris Shortt
Mortgage Broker
BRX Mortgage Inc.
BCFSA X301291
Licence MB612777
Answers
Probably not without comparing first. Here is why, and what to do instead.
Not without comparing first. Your renewal offer is your lender's opening offer, not their only one. And if you do nothing, some lenders may renew you automatically, sometimes into a term or rate that is not their best.
| Negotiate | Ask your current lender whether they can do better. Renewal offers are not always their best rate. |
| Compare | See what other lenders may offer on the same balance and term. |
| Switch | At the end of your term you can generally move to a new lender without a penalty, and a straight switch usually no longer needs to pass the stress test. |
| Timing | Federally regulated lenders must send your renewal statement at least 21 days before your term ends. Many lenders can hold a rate for you from about four months out, so start well before the letter. |
| Switching costs | There can be discharge and legal fees, though new lenders often cover some or all of them. |
| A useful safeguard | If you are switching, it can be worth asking your current lender to put the mortgage into an open term at maturity, so a short delay in closing does not lock you into anything. |
This is general information based on rules as of autumn 2026. Lender terms vary, and I will confirm what applies to your mortgage.
Nothing to fill in first, and no credit check to book. Bring whatever questions you have got.