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3 Tips to Choose the Right Interest Rate

Now there is always discussion around Interest Rates – in fact it seems to be, for many, the single most important criteria that is considered when choosing a lender.

Generally one of the first questions I am asked when I meet with someone to discuss lending is – “Where do you see interest rates going?”

That is not always easy to predict, however I do believe that Interest rates will remain lower for longer. Of course things change, and I could be wrong, although I’d like to think that some of the volatility has been removed from the marketplace. But when it comes to securing finance for a property there are 3 tips that will hold you in good stead:

  1. IGNORE THE INTEREST RATE that the banks promote. This may sound illogical as typically this is the very first item to consider- HOWEVER - what a bank offers direct to you and what we as Advisers can often secure may in fact save you THOUSANDS of dollars. TIP #1 – If you want to save money and get an interest rate that is more than just ‘competitive’, TALK TO US FIRST.
  2. IGNORE the temptation . Whilst rewards and gifts may seem very tempting and just what you want, the reality may mean an interest rate that actually ADDS to the amount you will pay in the long term. So while an IPAD may be just what Santa forgot, we suggest that you IGNORE the temptation and just buy one with the money you can be saving from a lower interest rate. TIP #2 – If paying off the mortgage faster is important to you, TALK TO US FIRST.
  3. TAKE CONTROL. As a consumer you have a great deal of power. More often than not, most of us simply don’t realise it at the time. By engaging us to act as your ‘Pseudo Bank Manager’, you will find yourself with a great deal more control as we act on your behalf. It is our job to negotiate, advocate and manage the lending process, removing you from some of those possibly challenging discussions. Tip #3 – If you are keen to avoid unnecessary stress,TALK TO US FIRST.

A recent example of just how our service is of real value has highlighted when a client on re-fixing their home loan went directly to the bank. They got the off-the-shelf interest rate. It wasn’t until I caught up with them that they mentioned it. There were some changes in the couple’s personal situation which meant the lender requested a great deal of additional information. Even as a client of the lender for over 10 years, there was no special offer or reward for their business. Loyalty means something – well it does in my book - and I believe that loyalty should always be acknowledged. If not… well as the consumer you have control!

Finally the biggest TIP I can offer as someone that has been in the industry for more than most, is to pick up the phone, organize a coffee with me and let’s see what we can secure for you. 

Refixing / New Home / Interest Rate Changes / Additional Lending / Investment Property Funding 

Call anytime – I’m here to help!

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