3 Tips for Better Home Loan Rates
With the current cost of living on the rise, now is the perfect time to review your home loan rates. A home loan health check can ensure your mortgage is still the best fit for your needs. Use these three expert tips to negotiate a rate reduction with your current lender or arrange a loan health check with us today.
1. Know Your House Value
One of the simplest ways to negotiate a lower interest rate is by demonstrating increased equity in your home. If your property's value has risen, you may qualify for a better rate. This additional equity signals to your bank that you’re in a stronger financial position, making it easier to secure a more favourable rate.
2. Don’t Shy Away from Better Offers
It’s crucial to compare home loan offers from different lenders. Sometimes, refinancing your mortgage with a new lender can be more cost-effective than sticking with your current bank. The potential savings from a lower interest rate could outweigh any costs associated with refinancing. Don’t let loyalty to your current lender prevent you from exploring better deals.
3. Highlight Your Good Financial Behaviour
Banks are keen to retain reliable customers. If you have a history of on-time repayments, a good credit score, and improved financial circumstances, use this to your advantage. Show your lender that you’re a valuable customer who deserves a competitive rate. This can provide leverage in negotiating a better deal.
Negotiating with lenders can be time-consuming and complex. Let us simplify the process for you.
With a free home loan health check, we can help you save time and money by finding the best possible rate for your mortgage. Contact us today to start optimising your home loan.