When you take out a mortgage, you enter a decades-long commitment. So what happens if you decide to move to a new home? These days, most banks and lenders offer a feature called loan portability. This lets you sell your current home and purchase a new one, all while keeping the same mortgage.

This is especially useful considering most Australians are unlikely to stay put for more than 15 years. Many will move homes to accommodate a growing family, shave time off the daily commute, or simply out of a desire for new surroundings.

Whatever the case, it’s reassuring knowing that you can avoid the hassle of refinancing if you outgrow your current residence. Below, we look at how porting your home loan works, along with the advantages and disadvantages.