Banks willing to offer better home loan deals

Friday 24 September 2010

Article by Mozo

Homeowners have a good chance of getting a better deal on their home loans by simply asking for it, new research suggests.

A survey of more than 2,000 people by consumer advocate group Choice found that about a third of transaction account and home loan customers who were proactive in asking their financial institution for a better rate, got it.

In addition, Choice revealed that ten per cent of those who convinced their bank to give them an interest rate reduction got between 1-2 per cent off, while 25 per cent got a discount of between 0.5 per cent and one per cent.

Choice suggested that consumers should inform their banks of their willingness to compare home loans and switch lenders if unhappy with current deals.

"If you're not happy with your current financial institution, tell them you're prepared to take your business elsewhere, and where possible quote better products from other institutions," it said.

Commonwealth, followed by NAB, rated best overall for negotiating a better home loan deal while the ANZ and Westpac were found to be the most likely to give their customers an interest rate cut.

This article is brought to you by Mozo – Helping you compare home loans
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