Homeowners urged to haggle for a better deal

Tuesday 09 November 2010

Article by Mozo

Australian property investors looking for better home loan rates could be among those encouraged by the recent comments of one industry expert.

Ingrid Just, a spokeswoman for the Choice consumer group, has urged home loan customers to haggle for a better deal.

In an interview with news.com.au, the expert said: "The number one thing that everyone should do is pick up the phone and ask your bank for better deal. We haggle for all kinds of items, so you should do that for your personal banking as well.

"Our surveys show that 30 per cent of people who've done this got a better deal and you can also argue for fees to be scrapped or reduced."

The comments follow the recent outrage shown by customers at the decision of the Commonwealth Bank to increase its interest rates by 45 basis points, compared to the Reserve Bank's 25 point rise.

Ms Just said the situation could work in consumers' favour as the other large banks have seen the "fury" that the Commonwealth Bank's decision has caused.

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