How to get a better rate on your home loan

Marty McDonald

How can we help you get a better rate on your current ‘Variable’ home loan?

We regularly look at and reprice our clients’ variable loans on the anniversary of the month that your loan settled. So, if we haven’t been in touch with you recently you might not be on our ‘radar’ yet, so get in touch with us to see if we can reprice your loan directly with your bank.

Lenders that enable us to reprice your loan for you are CBA, NAB, ANZ, Bankwest, Connective (Advantege/Essentials, Select), ING, Macquarie, ME Bank, St George, Westpac.

There are other lenders (Pepper, Firstmac, Resimac) that we can’t reprice as they don’t have this process but please feel free to reach out to them directly. If you wanted to get a competitors offer to better equip you before you call, feel free to contact us.

What can I do if my ‘fixed’ rate is about to roll over?

As above we can contact lenders directly to get you the best variable rate once the fixed rate ends (if they offer this service). Or if you’re looking to re-fix again, we can let you know the 1/2/3/4/5-year rates available and help with the appropriate paperwork.

Refinance vs Retention with existing lender

In these challenging times, media advice is usually to look at refinancing to another lender to take advantage of lower rates and cash back offers but this is not always an option for everyone as qualifying for the loan you have is (all things being equal) harder than it was previously. It’s also quite often a pain in the bum. We make it as easy as we can, but it is not always simple.

Even if you do qualify for a refinance often you can achieve similar results with your existing lender if you are serious about leaving them. While we can reprice your loans we won’t get as low a rate offer as you can get if you are about to leave.

One way to really test your existing lender is to talk to us about a competitors offer and then send your existing lender a Discharge Authority. This will usually trigger their retention team to make their best offset to retain you. It is not uncommon for some banks to even offer cash incentives to stay.

About the Author: Marty McDonald is principal of mortgage broker “Mortgage Experts”. Marty specialises in assisting active property investors with loan structuring advice and implementation as well as helping credit worthy borrowers with slightly outside the box income and employment situations. Find Marty on  and LinkedIn.
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