Is your bank offering you the best deal? Don’t be afraid to switch banks to get a better home loan deal. The market is tight and with interest rates fluctuating, the big four are in stiff competition, and non-bank lenders all competing for your business, there has never been a better time shop around for a fair deal on your home loan.
Here are some tips on how to make sure you get a good deal.
- Know all the details of your finance.
- Be careful when using comparison websites. Some of these are actually run by finance companies who have a vested interest.
- Do your homework. Be prepared by knowing what other lenders are offering.
- Check for an Australian Financial Services Licences.
- Don’t just concentrate on the term of the home loan – also consider whether the loan has the features you want and need.
- Make sure you have considered all the costs, fees and charges.
- Take your time. And ask questions if you are unsure.
- Always read the fine print.
- Never sign anything straight away.
- Tell your bank you are considering changing. You might be surprised at their response.
- Be polite and smile. A smile will get your further than an aggressive outburst.
- Still not confident? Have someone negotiate on your behalf.
- Usually a kitten rather than a tiger? Think about what is being nice is costing you. Are you willing to pay that price just to avoid a couple of minutes discomfort negotiating a better deal?