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Haggle for best loan in Australia

03 December 2015 by News Desk

finance_calculatorHomeowners in Australia could be getting a better deal on their mortgage or loan – if they just ask their lender.

Finance providers in Australia are currently in a price war and bidding against each other to attract and keep borrowers, and they are willing to offer discounts and better deals on interest rates – if you are prepared to haggle.

Darrell Todd of thinkingaustralia says: “Competition between lenders is fierce and so they are prepared to be flexible on the rates they charge. If homeowners are prepared to haggle they can get a much better rate on their loan or mortgage.”

“It is possible to get a discount of at least 1.5% off the standard variable home loan rate, simply by calling your bank and asking.”

A 1.5% reduction could save the average homeowner around $223 a month on repayments of a $300,000, 30-year loan.

Some lenders offer additional incentives such as cash back offers and frequent flyer points and, when pushed, some banks can offer borrowers savings of over $2,600 a year.

Says Darrell: “This month, around 27 home loan providers in Australia will increase their variable loan rates, so now is an ideal time to re-negotiate your loan or mortgage.”

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