How to secure a competitive home loan

If you’re a homeowner, it’s important not to set and forget about your home loan. After all, what suited your situation a year or so ago may not necessarily suit you today.

With interest rates going up and a constantly changing market, it’s a good idea to regularly review your home loan. This will ensure you’ve got one that serves your best interests.

Here are our tips on what to consider:

Keep track of interest rates

Lenders regularly update their interest rates. If you’re on a variable home loan, your current rate will constantly change. By staying up to date with the rates on offer in the market, you’ll know if you’re paying too much. You’ll also have the leverage to negotiate with your lender. Which brings us to our next tip…

Negotiate with your lender

You may not think you can get a better rate from your existing lender or have them price match with another lender. The good news is that it is possible. If you find a lower interest rate with a different lender, or your existing lender offers new customers a cheaper rate for the same product, it’s worth speaking with them. They may offer a better deal to keep your business.

Switch to a different lender

You aren’t bound to your lender, so if you’re not happy with their offering, you can seek a more suitable solution with another lender. Refinancing or switching your mortgage to another lender may help you achieve your property goals. You do, however, want to make sure you factor in any break-in costs.

Speak to us!

As mortgage brokers, we keep our fingers on the pulse when it comes to home loans. We take the guesswork and hassle out of comparing lenders and will negotiate with them on your behalf. We’ll also manage the refinancing process for you.

Book an appointment with our team, and we can help you understand your options.