As your trusted finance broker it’s our job to help you get the best possible deal when buying [or refinancing] your home or an investment property.
Over time, however, lenders have a habit of adjusting their variables interest rates – sometimes in line with RBA rate changes, sometimes not, and often by varying amounts.
That’s because lenders are locked into a constant battle between maintaining [or maximising!] existing customer profits while competing in the market to win new customers.
So what we end up with is new customers generally being offered better deals than the lender’s existing customers! Not fair right – so much for being a loyal customer 🙁
But it’s not all bad – in fact, thanks to our very competitive lending landscape – we the consumer, pay less for our loans and have a heap of choice.
Getting a better deal…
Want to always be on the best deal with your lender?…
Make them regularly compete for your business!
Just don’t expect your lender to initiate the discussion – you’ll have to ‘scare’ them into it.
Tell your lender that you’re looking at switching to a competitor and watch them spring into action!
Simply give them a call and make it clear that you’re seriously considering moving your loans to another lender unless they can offer you a better interest rate.
[By the way if you don’t feel comfortable doing this – we’ll happily do it for you!]
This is called a Rate Review – it’s where you find out how much your bank really loves you.
Don’t be surprised if they reduce your interest rate by 0.10 – 0.40% right there and then on the phone.
We recently did this for over 40 clients who have loans with one of our lenders – most received savings – the highest rate reduction was .70%!
If your lender won’t budge, then your next option is to find out if another lender is willing to offer you a better rate.
This is called a Refinance – it’s where we work our magic to see if we can find a better deal for you.
Keep in mind, if you’ve recently arranged your loan through us it’s unlikely switching to a new lender will benefit you.
If however, you’ve been with the same lender for at least 18-24 months then there’s probably been enough changes in the market to warrant looking at your options again.
Remember the only reason to refinance is to save money so it’s important we take into account all costs and fees associated with changing lenders.
What to do…
Just give us a call or send us an email and let us know you’d like to review your finances.
We’ll first check with your current lender to see if they are willing to offer you a cheaper rate.
If not, then we can review your current financial position and see if you qualify for a cheaper loan rate elsewhere.
You’ve got nothing to lose and everything to gain!
The process doesn’t take long and it will show that either we can save you a significant amount of money, or what you have in place is ok and doesn’t need changing.
Even a small change in your interest rate can make a huge difference – paying just 0.50% less on a $500,000 home loan will save you over $50,000 in interest over the life of the loan!
In addition to getting you a great rate, we can also revisit a range of debt reduction strategies you can use to pay off your mortgage in record time and save even more interest.
Here’s just some of the ways we could help you save;
- negotiate a better interest rate with your existing lender
- switch your loan from interest only to a cheaper P&I loan rate
- refinance your current loan to a new lender with a cheaper interest rate
- refinance and consolidate any high interest debts you may have
- switch from a low doc loan to cheaper rate full doc loan
Lastly, we’ve negotiated with one of our lender partners to offer you a free no-obligation bank valuation of your home, so you can see exactly how much it is worth in today’s market!
>> To book your free Finance Review call 08 8451 1500 or send us an email.
For any other details please don’t hesitate to contact us any time.
Sam, Matt & Andy
Adelaide Mortgage Broker +plus more…
PS. You can see all our best loan rates here as well as use the loan comparison calculator to see how much you could potentially save. Some lenders are offering as much as $1,500 to switch loans so it’s the perfect time to review your options.