Call Us: +61 477 778 330

Mortgage featured stories

Get the best deal: Tips for negotiating better interest rates.

Uncategorised, Home Finance, Investment Loans, News, Property
Share

Have you ever noticed how banks offer their best Home Loan interest rates to new borrowers while existing borrowers are seemingly ignored?

Unfortunately, banks don’t proactively offer their loyal customers better interest rates, so unless you negotiate every few years, they can charge interest rates well above what new customers pay.

Below is some advice on negotiating a better Home Loan Interest Rate:

  1. Do your Research!
    The first step is understanding how your current home loan compares to others in the market. Consider all aspects, such as the interest rate, ongoing fees, and other features of the loan, like access to Offset Accounts or Redraw facilities.
  2. Compare your loan.
    Make sure you are comparing “apples with apples”. Banks generally provide better interest rates for loans with higher balances and lower “loan to valuation” ratios. Put simply, the more equity you have, the lower risk you are to a lender. Make notes of lenders and loans offering better interest rates than what you’re currently paying.
  3. Be realistic.
    There is a cost in refinancing, both from a financial and time commitment viewpoint. Banks don’t necessarily have to be market-leading, just competitive. So be clear about what you think will be a competitive rate.
  4. Prepare your script.
    Prepare a script of what you want to say to your Bank. A plan of attack may be something like: “Hi, I have an existing Home Loan with you and believe I’m paying too much. I’ve researched other lenders’ rates, and before I put the process to refinance in place, I’d like to know if you’ll consider offering me a better deal.”
  5. Contact your lender.
    Calling a bank can be as exciting as a trip to the dentist. Brenton advises allocating time and making the call when you’re likely to have the most patience. Hopefully, you’ll quickly be offered an interest rate reduction.
    However, if you aren’t impressed by what’s offered, a key phrase can trigger a response. Simply advise that you’d like the Bank to send you through a “Discharge Authority”. This is a document you need to sign to change banks. Often this form is only issued by a Retention Team that may have greater authority to negotiate.

Good luck! If all of the above seems too hard, or you don’t succeed, contact a reputable Mortgage Broker to act on your behalf. They do this every day, know what competitors are offering, and understand how hard each lender is prepared to negotiate.

More Stories

Is a tree or sea change on your horizon?

News
Is a tree or sea change on your horizon? Fresh air, no bumper-to-bumper traffic and more affordable home prices. There’s plenty of appeal in regional living, including a chance to potentially reduce your home loan.

Is a tree or sea change on your horizon?

News
Is a tree or sea change on your horizon? Fresh air, no bumper-to-bumper traffic and more affordable home prices. There’s plenty of appeal in regional living, including a chance to potentially reduce your home loan.

Is a tree or sea change on your horizon?

News
Is a tree or sea change on your horizon? Fresh air, no bumper-to-bumper traffic and more affordable home prices. There’s plenty of appeal in regional living, including a chance to potentially reduce your home loan.

Why three-in-four Aussies turn to a broker for home loan help

News
Why three-in-four Aussies turn to a broker for home loan help You might have seen a headline or two about a particular big bank being at war with brokers. Nothing could be further from the truth. Our mission is – and always will be – putting you first. That’s why three in every four borrowers now come to us for help.

Why three-in-four Aussies turn to a broker for home loan help

News
Why three-in-four Aussies turn to a broker for home loan help You might have seen a headline or two about a particular big bank being at war with brokers. Nothing could be further from the truth. Our mission is – and always will be – putting you first. That’s why three in every four borrowers now come to us for help.

Why three-in-four Aussies turn to a broker for home loan help

News
Why three-in-four Aussies turn to a broker for home loan help You might have seen a headline or two about a particular big bank being at war with brokers. Nothing could be further from the truth. Our mission is – and always will be – putting you first. That’s why three in every four borrowers now come to us for help.

Mortgage featured stories

Get the best deal: Tips for negotiating better interest rates.

Uncategorised, Home Finance, Investment Loans, News, Property
Share

Have you ever noticed how banks offer their best Home Loan interest rates to new borrowers while existing borrowers are seemingly ignored?

Unfortunately, banks don’t proactively offer their loyal customers better interest rates, so unless you negotiate every few years, they can charge interest rates well above what new customers pay.

Below is some advice on negotiating a better Home Loan Interest Rate:

  1. Do your Research!
    The first step is understanding how your current home loan compares to others in the market. Consider all aspects, such as the interest rate, ongoing fees, and other features of the loan, like access to Offset Accounts or Redraw facilities.
  2. Compare your loan.
    Make sure you are comparing “apples with apples”. Banks generally provide better interest rates for loans with higher balances and lower “loan to valuation” ratios. Put simply, the more equity you have, the lower risk you are to a lender. Make notes of lenders and loans offering better interest rates than what you’re currently paying.
  3. Be realistic.
    There is a cost in refinancing, both from a financial and time commitment viewpoint. Banks don’t necessarily have to be market-leading, just competitive. So be clear about what you think will be a competitive rate.
  4. Prepare your script.
    Prepare a script of what you want to say to your Bank. A plan of attack may be something like: “Hi, I have an existing Home Loan with you and believe I’m paying too much. I’ve researched other lenders’ rates, and before I put the process to refinance in place, I’d like to know if you’ll consider offering me a better deal.”
  5. Contact your lender.
    Calling a bank can be as exciting as a trip to the dentist. Brenton advises allocating time and making the call when you’re likely to have the most patience. Hopefully, you’ll quickly be offered an interest rate reduction.
    However, if you aren’t impressed by what’s offered, a key phrase can trigger a response. Simply advise that you’d like the Bank to send you through a “Discharge Authority”. This is a document you need to sign to change banks. Often this form is only issued by a Retention Team that may have greater authority to negotiate.

Good luck! If all of the above seems too hard, or you don’t succeed, contact a reputable Mortgage Broker to act on your behalf. They do this every day, know what competitors are offering, and understand how hard each lender is prepared to negotiate.

More Stories

Is a tree or sea change on your horizon?

News
Is a tree or sea change on your horizon? Fresh air, no bumper-to-bumper traffic and more affordable home prices. There’s plenty of appeal in regional living, including a chance to potentially reduce your home loan.

Is a tree or sea change on your horizon?

News
Is a tree or sea change on your horizon? Fresh air, no bumper-to-bumper traffic and more affordable home prices. There’s plenty of appeal in regional living, including a chance to potentially reduce your home loan.

Is a tree or sea change on your horizon?

News
Is a tree or sea change on your horizon? Fresh air, no bumper-to-bumper traffic and more affordable home prices. There’s plenty of appeal in regional living, including a chance to potentially reduce your home loan.

Why three-in-four Aussies turn to a broker for home loan help

News
Why three-in-four Aussies turn to a broker for home loan help You might have seen a headline or two about a particular big bank being at war with brokers. Nothing could be further from the truth. Our mission is – and always will be – putting you first. That’s why three in every four borrowers now come to us for help.

Why three-in-four Aussies turn to a broker for home loan help

News
Why three-in-four Aussies turn to a broker for home loan help You might have seen a headline or two about a particular big bank being at war with brokers. Nothing could be further from the truth. Our mission is – and always will be – putting you first. That’s why three in every four borrowers now come to us for help.

Why three-in-four Aussies turn to a broker for home loan help

News
Why three-in-four Aussies turn to a broker for home loan help You might have seen a headline or two about a particular big bank being at war with brokers. Nothing could be further from the truth. Our mission is – and always will be – putting you first. That’s why three in every four borrowers now come to us for help.

Mortgage featured stories

Get the best deal: Tips for negotiating better interest rates.

Uncategorised, Home Finance, Investment Loans, News, Property
Share

Have you ever noticed how banks offer their best Home Loan interest rates to new borrowers while existing borrowers are seemingly ignored?

Unfortunately, banks don’t proactively offer their loyal customers better interest rates, so unless you negotiate every few years, they can charge interest rates well above what new customers pay.

Below is some advice on negotiating a better Home Loan Interest Rate:

  1. Do your Research!
    The first step is understanding how your current home loan compares to others in the market. Consider all aspects, such as the interest rate, ongoing fees, and other features of the loan, like access to Offset Accounts or Redraw facilities.
  2. Compare your loan.
    Make sure you are comparing “apples with apples”. Banks generally provide better interest rates for loans with higher balances and lower “loan to valuation” ratios. Put simply, the more equity you have, the lower risk you are to a lender. Make notes of lenders and loans offering better interest rates than what you’re currently paying.
  3. Be realistic.
    There is a cost in refinancing, both from a financial and time commitment viewpoint. Banks don’t necessarily have to be market-leading, just competitive. So be clear about what you think will be a competitive rate.
  4. Prepare your script.
    Prepare a script of what you want to say to your Bank. A plan of attack may be something like: “Hi, I have an existing Home Loan with you and believe I’m paying too much. I’ve researched other lenders’ rates, and before I put the process to refinance in place, I’d like to know if you’ll consider offering me a better deal.”
  5. Contact your lender.
    Calling a bank can be as exciting as a trip to the dentist. Brenton advises allocating time and making the call when you’re likely to have the most patience. Hopefully, you’ll quickly be offered an interest rate reduction.
    However, if you aren’t impressed by what’s offered, a key phrase can trigger a response. Simply advise that you’d like the Bank to send you through a “Discharge Authority”. This is a document you need to sign to change banks. Often this form is only issued by a Retention Team that may have greater authority to negotiate.

Good luck! If all of the above seems too hard, or you don’t succeed, contact a reputable Mortgage Broker to act on your behalf. They do this every day, know what competitors are offering, and understand how hard each lender is prepared to negotiate.

More Stories

Is a tree or sea change on your horizon?

News
Is a tree or sea change on your horizon? Fresh air, no bumper-to-bumper traffic and more affordable home prices. There’s plenty of appeal in regional living, including a chance to potentially reduce your home loan.

Is a tree or sea change on your horizon?

News
Is a tree or sea change on your horizon? Fresh air, no bumper-to-bumper traffic and more affordable home prices. There’s plenty of appeal in regional living, including a chance to potentially reduce your home loan.

Is a tree or sea change on your horizon?

News
Is a tree or sea change on your horizon? Fresh air, no bumper-to-bumper traffic and more affordable home prices. There’s plenty of appeal in regional living, including a chance to potentially reduce your home loan.

Why three-in-four Aussies turn to a broker for home loan help

News
Why three-in-four Aussies turn to a broker for home loan help You might have seen a headline or two about a particular big bank being at war with brokers. Nothing could be further from the truth. Our mission is – and always will be – putting you first. That’s why three in every four borrowers now come to us for help.

Why three-in-four Aussies turn to a broker for home loan help

News
Why three-in-four Aussies turn to a broker for home loan help You might have seen a headline or two about a particular big bank being at war with brokers. Nothing could be further from the truth. Our mission is – and always will be – putting you first. That’s why three in every four borrowers now come to us for help.

Why three-in-four Aussies turn to a broker for home loan help

News
Why three-in-four Aussies turn to a broker for home loan help You might have seen a headline or two about a particular big bank being at war with brokers. Nothing could be further from the truth. Our mission is – and always will be – putting you first. That’s why three in every four borrowers now come to us for help.

First home buyers turn to Bank of Nan and Pop

News
First home buyers turn to Bank of Nan and Pop Nan and Pop have always been good for birthday money, but one-in-10 grandparents are taking their generosity to the next level: helping their grandkids buy a first home.

First home buyers turn to Bank of Nan and Pop

News
First home buyers turn to Bank of Nan and Pop Nan and Pop have always been good for birthday money, but one-in-10 grandparents are taking their generosity to the next level: helping their grandkids buy a first home.

First home buyers turn to Bank of Nan and Pop

News
First home buyers turn to Bank of Nan and Pop Nan and Pop have always been good for birthday money, but one-in-10 grandparents are taking their generosity to the next level: helping their grandkids buy a first home.

What you should know before buying ‘subject to finance’

News
What you should know before buying ‘subject to finance’ Not sure if you’ll get the thumbs up for a home loan? But you really, really like that house that just popped up? Making an offer ‘subject to finance’ could be the right move. Here’s how it works.

What you should know before buying ‘subject to finance’

News
What you should know before buying ‘subject to finance’ Not sure if you’ll get the thumbs up for a home loan? But you really, really like that house that just popped up? Making an offer ‘subject to finance’ could be the right move. Here’s how it works.

What you should know before buying ‘subject to finance’

News
What you should know before buying ‘subject to finance’ Not sure if you’ll get the thumbs up for a home loan? But you really, really like that house that just popped up? Making an offer ‘subject to finance’ could be the right move. Here’s how it works.

Not feeling the budget love? 4 ways you could still get ahead

News
Not feeling the budget love? 4 ways you could still get ahead If the latest federal government budget is leaving you hungry for perks and savings, you’re not alone. We’ve had a brainstorm and here are four ways you could start working towards your property goals now.

Not feeling the budget love? 4 ways you could still get ahead

News
Not feeling the budget love? 4 ways you could still get ahead If the latest federal government budget is leaving you hungry for perks and savings, you’re not alone. We’ve had a brainstorm and here are four ways you could start working towards your property goals now.

Not feeling the budget love? 4 ways you could still get ahead

News
Not feeling the budget love? 4 ways you could still get ahead If the latest federal government budget is leaving you hungry for perks and savings, you’re not alone. We’ve had a brainstorm and here are four ways you could start working towards your property goals now.

Low deposit scheme helps over 150,000 families buy sooner

News
Low deposit scheme helps over 150,000 families buy sooner Whether you’re rat running your local streets, or have a knack for always picking the fast-moving supermarket queue – everyone loves a good time-saving hack. Well, today we’ll let you in on a scheme that could get you into your first home years – yep years – sooner!

Low deposit scheme helps over 150,000 families buy sooner

News
Low deposit scheme helps over 150,000 families buy sooner Whether you’re rat running your local streets, or have a knack for always picking the fast-moving supermarket queue – everyone loves a good time-saving hack. Well, today we’ll let you in on a scheme that could get you into your first home years – yep years – sooner!

Low deposit scheme helps over 150,000 families buy sooner

News
Low deposit scheme helps over 150,000 families buy sooner Whether you’re rat running your local streets, or have a knack for always picking the fast-moving supermarket queue – everyone loves a good time-saving hack. Well, today we’ll let you in on a scheme that could get you into your first home years – yep years – sooner!

Here’s why your borrowing power might soon get a lift

News
Here’s why your borrowing power might soon get a lift Who doesn’t love a tax cut? Most of us are now only weeks away from saving on our tax bills, with Stage 3 tax cuts to kick in from 1 July. But another key advantage is that the tax cuts could give your borrowing power a nice boost.

Here’s why your borrowing power might soon get a lift

News
Here’s why your borrowing power might soon get a lift Who doesn’t love a tax cut? Most of us are now only weeks away from saving on our tax bills, with Stage 3 tax cuts to kick in from 1 July. But another key advantage is that the tax cuts could give your borrowing power a nice boost.

Here’s why your borrowing power might soon get a lift

News
Here’s why your borrowing power might soon get a lift Who doesn’t love a tax cut? Most of us are now only weeks away from saving on our tax bills, with Stage 3 tax cuts to kick in from 1 July. But another key advantage is that the tax cuts could give your borrowing power a nice boost.

What you should know before buying ‘subject to finance’

News
What you should know before buying ‘subject to finance’ Not sure if you’ll get the thumbs up for a home loan? But you really, really like that house that just popped up? Making an offer ‘subject to finance’ could be the right move. Here’s how it works.

What you should know before buying ‘subject to finance’

News
What you should know before buying ‘subject to finance’ Not sure if you’ll get the thumbs up for a home loan? But you really, really like that house that just popped up? Making an offer ‘subject to finance’ could be the right move. Here’s how it works.

What you should know before buying ‘subject to finance’

News
What you should know before buying ‘subject to finance’ Not sure if you’ll get the thumbs up for a home loan? But you really, really like that house that just popped up? Making an offer ‘subject to finance’ could be the right move. Here’s how it works.

Not feeling the budget love? 4 ways you could still get ahead

News
Not feeling the budget love? 4 ways you could still get ahead If the latest federal government budget is leaving you hungry for perks and savings, you’re not alone. We’ve had a brainstorm and here are four ways you could start working towards your property goals now.

Not feeling the budget love? 4 ways you could still get ahead

News
Not feeling the budget love? 4 ways you could still get ahead If the latest federal government budget is leaving you hungry for perks and savings, you’re not alone. We’ve had a brainstorm and here are four ways you could start working towards your property goals now.

Not feeling the budget love? 4 ways you could still get ahead

News
Not feeling the budget love? 4 ways you could still get ahead If the latest federal government budget is leaving you hungry for perks and savings, you’re not alone. We’ve had a brainstorm and here are four ways you could start working towards your property goals now.

Low deposit scheme helps over 150,000 families buy sooner

News
Low deposit scheme helps over 150,000 families buy sooner Whether you’re rat running your local streets, or have a knack for always picking the fast-moving supermarket queue – everyone loves a good time-saving hack. Well, today we’ll let you in on a scheme that could get you into your first home years – yep years – sooner!

Low deposit scheme helps over 150,000 families buy sooner

News
Low deposit scheme helps over 150,000 families buy sooner Whether you’re rat running your local streets, or have a knack for always picking the fast-moving supermarket queue – everyone loves a good time-saving hack. Well, today we’ll let you in on a scheme that could get you into your first home years – yep years – sooner!

Low deposit scheme helps over 150,000 families buy sooner

News
Low deposit scheme helps over 150,000 families buy sooner Whether you’re rat running your local streets, or have a knack for always picking the fast-moving supermarket queue – everyone loves a good time-saving hack. Well, today we’ll let you in on a scheme that could get you into your first home years – yep years – sooner!

Here’s why your borrowing power might soon get a lift

News
Here’s why your borrowing power might soon get a lift Who doesn’t love a tax cut? Most of us are now only weeks away from saving on our tax bills, with Stage 3 tax cuts to kick in from 1 July. But another key advantage is that the tax cuts could give your borrowing power a nice boost.

Here’s why your borrowing power might soon get a lift

News
Here’s why your borrowing power might soon get a lift Who doesn’t love a tax cut? Most of us are now only weeks away from saving on our tax bills, with Stage 3 tax cuts to kick in from 1 July. But another key advantage is that the tax cuts could give your borrowing power a nice boost.

Here’s why your borrowing power might soon get a lift

News
Here’s why your borrowing power might soon get a lift Who doesn’t love a tax cut? Most of us are now only weeks away from saving on our tax bills, with Stage 3 tax cuts to kick in from 1 July. But another key advantage is that the tax cuts could give your borrowing power a nice boost.

How to know if you’re paying a fair price

News
How to know if you’re paying a fair price We all love the idea of nabbing a bargain property, but for most home buyers the real issue is whether they’re overvaluing a place – and paying too much in the process.

How to know if you’re paying a fair price

News
How to know if you’re paying a fair price We all love the idea of nabbing a bargain property, but for most home buyers the real issue is whether they’re overvaluing a place – and paying too much in the process.

How to know if you’re paying a fair price

News
How to know if you’re paying a fair price We all love the idea of nabbing a bargain property, but for most home buyers the real issue is whether they’re overvaluing a place – and paying too much in the process.

Can you remember your home loan interest rate?

News
Can you remember your home loan interest rate? Where you put your car keys, who won the footy premiership three years back, the new prime minister of New Zealand’s name – all very much socially acceptable things to forget. Your home loan rate shouldn’t be on that list.

Can you remember your home loan interest rate?

News
Can you remember your home loan interest rate? Where you put your car keys, who won the footy premiership three years back, the new prime minister of New Zealand’s name – all very much socially acceptable things to forget. Your home loan rate shouldn’t be on that list.

Can you remember your home loan interest rate?

News
Can you remember your home loan interest rate? Where you put your car keys, who won the footy premiership three years back, the new prime minister of New Zealand’s name – all very much socially acceptable things to forget. Your home loan rate shouldn’t be on that list.