ASK FOR BETTER DEAL
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.