Interest rate increases are effecting us all. Blue Zinc spent most of last year moving many of our clients onto longer-term fixed rates. However, eventually the higher interest rates will catch up with everyone.
So what can we do to reduce the burden? The first thing we can do is ask your existing lender for a better rate or to match the more competitive rates in the market.
Blue Zinc will do this for all our clients with about a three day turn-around (although we have one or two lenders taking more than two weeks :( Most of the major lenders and a some of the more progressive lenders provide us with online access to lodge rate reviews and upload product comparisons for similar products. This dramatically streamlines the process.
"Its still a great discount and has reduced my fortnightly repayments by around $600 - thx for the speedy turnaround"
Belinda, Sans Souci [$1.44m borrowing]
If you prefer to contact your bank directly we can supply you with a mortgage comparison of other lenders current (better) rates for you to take direct to your lender.
Based on your current lenders response you may be satisfied with the discount. Or you may want to consider exploring your options in the broader mortgage marketplace. While all lenders have increased their rates, some have done so more aggressively than others or out of sync with the RBA. However, some of our lenders are offering great discounts for low loan to valuation ratio's (LVR). So, if your property has increased in value in the last few years, there is a good chance your LVR will be low and you may be eligible for these discounted rates.
Of course several lenders are still offering $2,000 to $4,000 cashback for refinancing to sweeten the deal. Blue Zinc includes this cash-back in our calculation of average interest rate to compare apples with apples.
After we have a cheaper rate offer and a pre-approval from a lender it is up to you whether you want to give your current lender one more chance to match the better offer. Yes, its easier to stay with your current lender. And yes, pulling the paperwork together can take an hour or so of your busy day. However, your lender does not deserve any false loyalty right now.
Or call us on 1300668017 to book an appointment
The speed and ferocity of recent rate increases is hard to keep up with unless its your full-time job. Let the Blue Zinc Team reduce your repayments this week, either with your current lender or a new lender with minimum fuss.
Comments