With official interest rates trending downward, shrewd mortgage holders may take the opportunity to call their lender to ask for a better deal.
But when even a small interest rate reduction means potential savings of thousands of dollars, is a simple phone call really enough to get you there?
In 2019, ‘your interest rate should be sub 4 per cent’, is common advice for home owners considering the competitiveness of their loan settings.
But while a number of lenders offer lower rates to new customers, it’s not always so simple for existing customers to secure the same outcome.
Put simply, if people want a better deal on your mortgage, there are basically two options:
- Call your bank and ask them to match the new rate, or
- Contact your Geelong Mortgage Adviser and vote with your feet.
And although the first option is commonly recommended, lenders aren’t always so obliging when it comes to rate-matching to get you a more affordable mortgage.
As an existing client, it can be disheartening to see your bank offer new customers a lower rate to the one you currently have. However, lenders regularly try to ‘win’ new customers by offering low rates. It is a great acquisition strategy.
But if they refuse to match your current rate to this new offer, you can always contact Geelong Mortgage Advisers and refinance with a lender who is hungry to win your business.
Geelong Mortgage Advisers have access to a panel of 24 lenders and this creates competition amongst lenders. Your lending specialists is also in a position to offer you a more in-depth and customised level of service.
Call Geelong Mortgage Advisers today for a free home loan review. Call 0467 198 549