Brisbane Homeowners: Do You Know Your Home Loan Interest Rate?
Without logging into your home loan bank account, can you recall what interest rate you are paying on your home loan?
Don’t feel too bad if you don’t know yours – it can feel like interest rates in general are constantly changing. However, knowing your interest rate can help you save money! Read on to learn how to make your interest rate and lender work for you.
How to get more money in your pocket?
The saying “knowledge is power” rings true when it comes to interest rates. Lenders will not tell you if a competitor has a better deal. However, an experienced mortgage broker can help you understand if you are getting the best deal. A quick check of your current interest rate against other lenders with a mortgage broker can save money.
With many Brisbane residents looking to save money and reduce household costs while living during this coronavirus pandemic, saving on your home loan might be an easy win. Getting a better interest rate will very likely mean more money in your pocket.
Options to lower your home loan interest rate
Dropping your rate with your current lender
A mortgage broker can help you liaise with your current lender to see if they will lower their interest rate to match a better deal on the market. Mortgage brokers know the lingo and know the ins and outs of the current market, so they can ask your lender for a better rate with your best interests in mind.
You can ask this of your lender yourself, too – sometimes a phone call to customer service can get you a better interest rate. Here’s some quick tips:
- Know your current interest rate, repayments amount and your account details
- Have handy names of similar loans with lower interest rate details
- Check out if your lender has a better deal for new customers and ask to get that, too
- If they only offer a small discount, let them know politely that you are willing to refinance with another lender for the best rate.
Refinancing for a better deal
If your current lender won’t match a better deal that is available, an experienced mortgage broker can help you find the right home loan product that could save you thousands of dollars. If you are in Brisbane and paying more than 3% interest right now, you could be paying too much for your mortgage.
No matter your current interest rate as a Brisbane homeowner, it is worth asking a mortgage broker to assess your current home loan product interest rate and features to see if there is something better available for you. Unfortunately, many Brisbane homeowners “set and forget” once they get approval for their home loan and they could be missing out on huge savings with a quick health check for their mortgage.
Refinancing is an option for many homeowners in order to secure a better interest rate. An expert mortgage broker can help you understand if it’s right for your personal circumstances.
The North Brisbane Home Loans team works to find the best deals for homeowners every day. We can help you with everything from a quick health check on your home loan right through to helping you refinance for the best home loan deal available.
Contact us today to find out how you can save on your mortgage.
Patrick Cranshaw, a Certified Mortgage Professional for over 21 years, founded North Brisbane Home Loans in 2002. His career began with ANZ Bank in New Zealand, where he progressed over 16 years to a Business Banking role in Virginia. After moving to Brisbane in 2000, Patrick led the QLD market for a home loan agency, helped set up the REMAX Real Estate Finance division, and practiced as a broker.
