Here’s how to become a haggling pro and save $45k on your home loan

Kelly Emmerton

17 Oct 2017

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The property market is an expensive place to be these days, but we’ve uncovered a strategy that might allow homebuyers to loosen the budgetary belt a bit: haggling.

Mozo recently went undercover for our annual Big 4 home loan mystery shop and found that scoring a discount of up to 0.82%* on your home loan may be as easy as asking for it.

“Our mystery shoppers found that the big banks were willing to give out pretty sizeable discounts to all kinds of borrowers if they were willing to haggle for it,” said Mozo’s property and home loan expert, Steve Jovcevski.

“With savings as high as $45,000 on offer for first home buyers or $86,000 for refinancers*, that’s a sign you should definitely be asking for a better deal when you approach a home loan lender.”

The first step to scoring a great deal is to start out on the right foot with an offer that suits your needs - so check out some of the top mortgage offers around in the table below, then read on for our expert tips on how to haggle like a pro.

Home Loan Comparisons - November 2017

Rates updated daily. Advertiser disclosure.

  • loans.com.au

    1.99% p.a.variable for 12 months and then 2.48% p.a. variable

    2.47% p.a.

    $1234

    Product details Close details
    Smart Booster Home Loan

    1 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

    1.99% p.a.variable for 12 months and then 2.48% p.a. variable

    2.47% p.a.

    A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required.

    Smart Booster Home Loan

    A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required.

    • 1.99% p.a.variable for 12 months and then 2.48% p.a. variable

    • 2.47% p.a.

    • $520

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • Optional - with 0.10% additional interest

    • $520

    • 80.00%

    • $50,000

    • $1,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Smart Booster Home Loan

    Details Close

  • UBank
    Mozo Expert Choice Badge

    2.34% p.a. variable

    2.34% p.a.

    $1234

    Product details Close details
    UHomeLoan - Discount Offer

    Owner Occupier, Principal & Interest

    2.34% p.a. variable

    2.34% p.a.

    Enjoy a super low rate, $0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Free redraw with flexible repayments. Min 20% deposit.

    UHomeLoan - Discount Offer

    Enjoy a super low rate, $0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Free redraw with flexible repayments. Min 20% deposit.

    • 2.34% p.a. variable

    • 2.34% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • $0

    • 80.00%

    • $100,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the UHomeLoan - Discount Offer

    Details Close

  • Athena
    Mozo Expert Choice Badge

    2.19% p.a. variable

    2.19% p.a.

    $1234

    Product details Close details
    Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    2.19% p.a. variable

    2.19% p.a.

    Fast online application with no fees. Free extra repayments and redraw facility. Min 40% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^

    Celebrate Variable Home Loan

    Fast online application with no fees. Free extra repayments and redraw facility. Min 40% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^

    • 2.19% p.a. variable

    • 2.19% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • $0

    • 60.00%

    • $100,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Celebrate Variable Home Loan

    Details Close

  • Macquarie

    2.09% p.a.
    fixed 2 years

    2.56% p.a.

    $1234

    Product details Close details
    Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR 70-80%

    2.09% p.a.
    fixed 2 years

    2.56% p.a.

    Flexible loan structure – create up to six loan accounts with different rate and repayment types. Free redraw from your loan using Macquarie Online.

    Basic Home Loan

    Flexible loan structure – create up to six loan accounts with different rate and repayment types. Free redraw from your loan using Macquarie Online.

    • 2.09% p.a.
      fixed 2 years

    • 2.56% p.a.

    • $0

    • $0.00

    • $400.00

    • yes - free

    • yes - free

    • no

    • $0

    • 80.00%

    • $150,000

    • $750,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Monthly

    Read our Mozo Review to learn more about the Basic Home Loan

    Details Close

  • Suncorp

    1.89% p.a.
    fixed 2 years

    2.94% p.a.

    $1234

    Product details Close details
    Fixed Home Loan Special Offer Home Package Plus

    Owner Occupier, Principal & Interest, <80% LVR

    1.89% p.a.
    fixed 2 years

    2.94% p.a.

    Competitive low rates starting from 1.89% (2.94% comparison rate) 2 years fixed for owner occupiers. No monthly account keeping fees & No loan establishment fee.

    Fixed Home Loan Special Offer Home Package Plus

    Competitive low rates starting from 1.89% (2.94% comparison rate) 2 years fixed for owner occupiers. No monthly account keeping fees & No loan establishment fee.

    • 1.89% p.a.
      fixed 2 years

    • 2.94% p.a.

    • $0

    • $375.00 yearly

    • $350.00

    • yes - free up to $500 per month

    • no

    • no

    • $0

    • 80.00%

    • $150,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Fixed Home Loan Special Offer

    Details Close

^See information about the Mozo Experts Choice Home loans Awards

Mozo’s home loan haggling tips

Ready to save a bundle on your mortgage? Here are our top tips for haggling like a professional and squeezing the best deal out of your lender.

  • Don’t settle for the first offer. “Banks often won’t give you the best deal they can the first time you ask - they reserve the lowest rates for customers who really push for it,” said Jovcevski. So if you want to save as much as possible, it’s time to dig in your heels and really work for it.

  • Be prepared for price matching. Our mystery shop found that some lenders won’t come to the party unless you’re asking them to price match an offer from a competitor, so make sure you compare home loans and have a rate in mind to ask for. The upside is that if haggling doesn’t pan out, you’ve already found another low rate offer!

  • Bundle other products. You might have more luck securing a big discount if you bring other financial products across to your home loan lender as well. Think about bundling your home insurance, credit card, or bank account as incentive for a better mortgage deal.

  • Think about other bonuses. Things like frequent flyer bonus points, cashback offers or waived fees can sweeten your home loan deal almost as much as a lowered interest rate. “Don’t be scared to think outside the box when it comes to things that might sweeten the deal for you,” Jovcevski said.

*Savings and discounts based on discounts from ANZ, NAB, Westpac and CommBank between 11 - 14 September 2017. Potential annual savings calculated for first home buyer on a $300,000 home loan and refinancer on a $500,000 loan over 30 years.

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