ASK FOR BET­TER DEAL

Hills Gazette - - RESIDENTIAL -

HOME­BUY­ERS who hag­gle on their home loan can make sig­nif­i­cant sav­ings, new find­ings have re­vealed.

Fi­nance com­par­i­son site Mozo’s an­nual mys­tery shop sur­vey found the big four Aus­tralian banks were of­fer­ing dis­counts of up to 0.82 per cent to peo­ple will­ing to ask for a bet­ter deal.

A home­buyer had the po­ten­tial to save $45,000 on the life of a loan and a re­fi­nancer could save up to $86,000. Even in­vestors were able to save.

“This is a big turn­around from the 2015 mys­tery shop when no ad­di­tional dis­counts were of­fered to in­vestors,” Mozo prop­erty ex­pert Steve Jovcevski said.

“Given APRA’s re­cent clam­p­down on in­ter­est-only loans – al­low­ing no more than 30 per cent of new res­i­den­tial mort­gage loans to be in­ter­est only – we are sur­prised to see that banks are of­fer­ing such com­pet­i­tive rates to po­ten­tial in­vestors.”

Com­mon­wealth Bank of­fered the most com­pet­i­tive rates across the board for first-home buy­ers, re­fi­nancers and in­vestors, with the mys­tery shop­pers say­ing the bank was very keen to give a dis­count.

Of the four banks, West­pac was the hard­est to ne­go­ti­ate with.

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