existing borrowers if you have noticed that your current bank like many others follows this pattern you have to find an immediate way out however if you find the new bank you are going to shift to also follows a similar path you need to rethink your decision before making the switch however attempt to negotiate with your current lender there have been several instances where the banks have agreed to reprice the loan when the borrowers expressed their intention to shift to another lender they could levy a conversion fee of 051 of the loan amount for repricing the loan in case the difference between the new rates offered by your existing lender and the new lender is not huge you could consider opting for the conversion route it will help you avoid the paperwork involved in entering into a new home loan contract suggests raj also while choosing between balance transfer and conversion do take into account charges like stamp duty inspection and valuation fees that your new lender might levy