You won’t know if you can get a better home loan deal until you start looking, which is when many people throw up their hands in surrender.

Talk to your Mortgage Broker first; we can very quickly answer your three most important questions:

  1. Can I get a cheaper loan?
  2. How long will it take?
  3. How much will I save?

Your Broker can share insights about the broader home loan environment. Brokers deal with dozens of lenders and hundreds of loan products, so they have their finger on the pulse. In addition, they also have resources at their disposal that will take the heavy lifting out of the homework—the very reason that many homeowners claim that they can’t be bothered to refinance.

Case Study: the power of expert negotiation

Here is another real client we have recently helped (names changed to protect their privacy):

Eric has been a self-employed electrician for 3 years while his wife Megan has worked in an administrative role for 6 years.

After seeing one of my team speak at a breakfast meeting about the benefits of having their interest rates reviewed regularly, Eric decided to call his bank. Being a client of theirs for 7 years he demanded a better interest rate than the 5.79% he was on.

A week later my broker spoke to Eric to see if he would like her to get a better deal for them.

He said not to worry as he had already done it himself and now had a rate of 5.13% – great news!!!

My broker then asked if he would mind if she could try with his lender and see if she could improve it further.

So with Eric’s agreement she made a call to the lender and immediately over the phone got offered a rate of 4.75%.

Eric was furious at the bank for not offering the same rate to him so he booked an appointment and after reviewing his loans we looked at the structure and the way they handle their money, budget and ended up changing loans to a rate of 4.28% – a saving of $377.50 every month.

Happy campers!!!