Can I get a better deal without changing lenders?
Your existing lender will often reprice a facility rather than lose it, so asking is usually quicker and cheaper than moving. Lenders price to keep good customers, so a repricing request backed by a written offer from somewhere else can bring a rate down without a new application or fresh security documents. Sometimes it does not work. If your facility is fixed, or the lender has quietly decided it no longer wants your industry, a discount is not coming and moving is the honest answer.
How a repricing request works
Put it in writing to your relationship manager and give them something to work with. A current offer from another lender, in writing, does more than a phone call about loyalty. Point at what has changed since the loan was written too, a stronger balance sheet or a lower loan to value ratio after a few years of repayments. Banks run these requests through a pricing desk rather than the branch, so allow a couple of weeks. The answer often comes back as a discount off the standard rate rather than a rewritten contract.
When moving is the only lever
Repricing has limits. It will not change a loan term, release a guarantee, free up a property held as security or fix a covenant you keep bumping into. Those need a new facility. Better terms are easier to win before you sign, which is what negotiating a business loan covers. A lender that has moved your file to a workout team is not going to sharpen its pricing either. Get your own adviser in at that point and the free Small Business Debt Helpline on 1800 413 828 is there as well. Some businesses spend months negotiating with a bank that decided months ago.
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Last updated 15th July 2026. Reviewed by Authorised Credit Representative 554584 of Australian Credit Licence 414426.