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.

  1. Know all the details of your finance.
  2. Be careful when using comparison websites.  Some of these are actually run by finance companies who have a vested interest.
  3. Do your homework.  Be prepared by knowing what other lenders are offering.
  4. Check for an Australian Financial Services Licences.
  5. Don’t just concentrate on the term of the home loan – also consider whether the loan has the features you want and need.
  6. Make sure you have considered all the costs, fees and charges.
  7. Take your time. And ask questions if you are unsure.
  8. Always read the fine print.
  9. Never sign anything straight away.
  10. Tell your bank you are considering changing.  You might be surprised at their response.
  11. Be polite and smile.  A smile will get your further than an aggressive outburst.
  12.  Still not confident? Have someone negotiate on your behalf.
  13. 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?