5 Ways to Get a Better Mortgage

  • Posted 09 Nov

5 Ways to Get a Better Mortgage

If you’ve been wondering if it’s time to review your mortgage, you’d be right. There could be a much better product available to you now and with current interest rates sitting at an all time low, it’s THE best time to shop around and see what’s available.

Before you jump ship too soon though, check out some different ways below that you can find a better mortgage.


How to Get a Better Mortgage

#1: Research

Before you even consider changing your mortgage, it pays to shop around and complete your own due diligence, so that you know what’s happening in the market and what options might be available to you.

Refinancing might be your best option, but then again, it might not. Always investigate first before signing the dotted line.

#2: Review Your Mortgage

Do you know what your mortgage interest rate currently is? Do you know if your mortgage is fixed or variable or a mixture of both? Find out this information first so that you can understand what you’re comparing.

Don’t forget to find out what other features your mortgage gives you. Do you have a low interest credit card, free home insurance or something else? Are these important to you? This information will help you decide what’s the best option going forward.

#3: Understand Associated Fees

No matter who you end up going with for your home loan, there will be fees associated with changing. Things like application fees, break fees etc will largely determine whether it’s beneficial to change or not.

Using a mortgage broker like Australian Credit and Finance will help you with this process. We’re across all fees and will let you know what you can expect BEFORE you make the leap to a new lender.

#4: Compare Interest Rates

Before you switch your mortgage to another lender, comparing interest rates across all lenders provides you with a bit of leverage if you’re looking to switch to a lender that offers slightly higher interest rates. Knowledge is power in this instance, so do your research and be aware of the going interest rates of the lenders you’re looking at.

#5: Negotiate

Once you’re armed with all of this information, you can start to discuss options with your current lender.

If they won’t play ball and refinance you to a lower interest rate, then you’re well placed to move to another lender. Always be firm and upfront with them and that you’re prepared to move to another lender if they aren’t prepared to give you what you want.

While negotiating for a better mortgage can seem daunting, Australian Credit and Finance is here to help. We can help you get the best rate and the best product, no matter what bank you’re currently with. Get in touch with our team today.

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