We all know that Australian Banks are very keen to make huge profits, however, did you know that in many circumstances it is more profitable for a Bank to reduce the interest rates on a Home Loan to retain an existing customer rather than incurring the significant cost to replace a customer.
The amazing thing is … MOST CUSTOMERS DON’T ASK !!!
What do you need to do …
Step 1: Know your current interest rate
Step 2: Research what other Banks are offering (including offers to cover the costs of refinancing)
Step 3: Call the phone number noted on your loan statement (i.e. NOT your Bank Manager) and advise the Bank you are considering leaving & quote the lower interest rates you can achieve with other Banks.
Step 4: Ask the Bank if they will match this offer to retain your business.
PLEASE REMEMBER: If you have a Mortgage Broker please contact them first, as they are experienced with these negotiations & may have access to even lower interest rates not advertised publicly by the Banks. Your Mortgage Broker can use these lower interest rates to achieve even greater savings for you.
