Do You Want To Save Money?
Do You Want Lower Home Loan Rates?
We expect that for 99% of people the answer will be YES
But we also know that most people will not take action to save money or get lower home loan rates.
Why People Don’t Take Action
Unfortunately it seems that most people are not really that serious about saving money and the only action that they take is to ask their bank what home loan rates they will offer.
Of course the staff at the banks are employees of that bank and their primary responsibility lies with the bank – not the customer.
For this reason it is very unlikely that the bank will offer the best home loan rates straight away.
Sure … they may offer a “special” or “discounted” interest rate, but you deserve the “best” interest rate and you shouldn’t have to haggle endlessly to get it.
Consider How Banks Make Money
The primary role of the bank is to take deposits from customers and then lend that money to people like you.
They profit from the difference in the cost of the money (deposit interest rates) and the income from the money being the interest rates charged.
What The Banks Pay
30-day term deposits 1.00%
12-month term deposits 3.25%
What The Banks Charge
Overdraft (Consumer with a mortgage) 16.95%
Credit Card – Low Rate Visa 13.90%
Credit Card – Standard Visa 20.95%
Personal Loan (over $10,000) 17.95%
Home Loan – Floating 5.64%
Home Loan – 1-Year Special 4.25%
Home Loan – 2-Year Special 4.35%
(ANZ Advertised Rates 08/06/2016)
You can easily see how the banks keep announcing record profits and why many economic commentators and mortgage advisers think the banks can offer lower home loan interest rates.
How We Help You Get Lower Rates
Here we have used the rates advertised by ANZ to illustrate the point. The only reason we have used ANZ is they are the first bank when listed alphabetically.
As mortgage advisers we work with a range of banks.
When we are talking to any of the banks, they know that we compare the home loan rates and therefore they also know that they must offer good home loan rates straight away.
If we are not offered the best home loan rates we will go back to the banks and haggle until we get an acceptable rate for you.
Are We Guaranteed A Lower Home Loan Rate?
As mortgage advisers we always do our best to get you the best home loan rates, but we can never guarantee that we can get a better rates. The banks have given us the undertaking that we will not be offered inferior rates.
What we can guarantee is we will do our best.
We also guarantee not to charge you for arranging a lower home loan interest rate with your bank as the banks pay us for this.
Start Saving Now
There is really no reason not to get started right now.
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You can use our mortgage calculator to see what your repayments should be, and if you want to consolidate other debts into your home loan try our refinancing calculator.
Some Common Questions
I have never used a broker before so why will they help me get a lower home loan rate when I got my home loan elsewhere? There is a misconception that mortgage brokers are only there to help you source a home loan and while that may be the case with some mortgage brokers, a good adviser is there to help people with their loans regardless if they arranged the original loans.
How long does it take to organise lower rates? The time it takes varies depending on the bank and how busy they are at the time of the enquiry. In most cases this can be completed within 48-hours but can take longer in some cases especially if the banks insist on a specific business banker to review.
Do you work with all banks? As mortgage advisers we work first and foremost for the clients – for you. We have formal relationships with most major banks and we can still generally help get you the best rates with the other banks too.
Should we talk to our bank first? It really doesn’t matter if you do or don’t, but sometimes having the bank staff and a mortgage broker doubling up can cause confusion. The fact is that you want the best rates and so we are happy to come to your assistance at any time.
Will an adviser look at the way our loans are structured too? Yes, as mortgage advisers we will have a look at the way your loans are structured and can have a look at any other debts that you have too. It is just as important to have a suitable loan structure as it is to have lower rates.
Do your advisers know how we can pay our home loan off faster? Yes we do. We are able to help you identify the best methods of paying your home loans off faster and can help implement a strategy to make this happen.
