Why you need to talk to your home lender now

A lot of homeowners might be intimidated by the idea of talking to their lender, but it doesn’t have to be. With the help of your trusted Finance broker, it is highly encouraged to call your bank and see if you can haggle for a better deal.

Why?

According to a Mozo research, “two thirds of existing mortgage holders have not haggled with their lender in the past two years, indicating a large chunk of borrowers could be getting some serious savings simply by picking up the phone.”

There’s no complicated process there. All you have to do is pickup the phone and simply ask.

Before having “the talk,” you might want to work closely first with your finance broker to see how much you can potentially save. She can help you review your budget, expenses, and related accounts so that by the time you’ll call your lender, you’ll have some information to share with them that will help you figure out how to proceed. Lenders are bumping up rates for Aussie borrowers so if you don’t know your current interest rate and pass the opportunity to call your lender, you might experience a rate hike pain.

Keep the lines of communication open and don’t shy away from contacting your lender early and often. And if by any chance these efforts come out as negative, there are still options available for you such as refinancing your home loan.

There may be ways to modify your home loan and work on a deal that could ultimately help you reach your financial goal. If you are curious as to how, please don’t hesitate to give me a call on 0408  081 082.

Disclaimer:

 Credit Representative Number 486927 is authorised under Australian Credit Licence 389328.

 This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

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