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Not so much a question but a comment

A good friend has been with the one lender for 10 years and after 4 weeks of hesitation they finally called the bank about the interest rate on their home loan.

One call and 5 minutes later the bank had dropped the rate from 4.75% to 4.09% - the 0.66% rate cut will save them thousands

I’d love to get some feedback if anyone has had or knows of a similar experience - please share

#simplyaskit?

4 years ago

Responses

Whenever I have a client wishing to refinance to a lower rate loan, I always get them to call their existing bank first and request a rate reduction.
I have them advise me of the proposed new rate, and only then will I check if there is something else on offer that would benefit them.
This has saved me a lot of angst over the years and I never fail to settle any refinance deal that I handle.

Comments

I have just completed assisting clients with a small loan increase of $20k, and as part of the process, I was able to negotiate a rate reduction on both of their existing loans from 4.56% to 4.20%.

Paul, good morning. This can happen quite often, in fact just this week, I was successful in getting a client paying 4.65% down to 3.83%. ($800k Loan). The change was agreed to via a short email to the Lender even though I am not the assigned Broker to this client. The change is currently being processed and clients are very pleased.
Best Regards
Ken Olds
Customers First Mortgages & Insurance
wwwAskKen.com.au
1300 ASK KEN

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