Low rate home loans
The banks saw the global crisis as an opportunity to play games with our interest rates. Now a few select lenders have seen the opportunity to offer lower rates to gain market share. You too can access a cheaper mortgage, if you know how the finance industry works…
So in our post-GFC world, which lenders are offering cheaper rates? And what types of customers are they offering these lower rates to?
Be the customer that lenders want
There’s no point bargaining with a lender to get a better deal if they aren’t even interested in approving your loan! As a general rule lenders are looking for borrowers with the following characteristics:
- Borrowing no more than 80% of the valuation of their property.
- Have a good credit score / clear credit history.
- Have made all the repayments on time for their existing home loan.
- Can easily prove their capacity, which is their ability to afford the debt.
If you meet the above criteria then you are in the position of power! Lenders know you are a low risk, and they know that approving a loan for you is all cream, no sour grapes. So they’ll discount to get your business.
However not every lender will discount their rates. This comes down to their funding position.
Apply with the lenders that want more business!
Some lenders are doing it tough right now. In fact, they are in such a tough situation that their focus is not on lending money, but instead on receiving new deposits. The less they can lend out the better! So they simply will not offer you a discount, it doesn’t matter how good a customer you are.
So how do you know which lenders really want your business? There are three easy ways to locate the cheapest lenders:
- Who is advertising: Banks don’t spend millions of dollars on advertising campaigns if they don’t actually want to approve mortgages.
- Consumer websites: You can use non-profit consumer websites that compare lenders. There are a few lenders out there that don’t even advertise, yet have some of the cheapest loans around!
- Use a mortgage broker: If a bank wants to really build up their lending portfolio then they’ll over a special rate through their mortgage broker network. There is no easier way for them to bring in millions in new lending business!
The diamonds in your own backyard
What if getting a loan isn’t easy for you? Then you can always renegotiate with your existing lender! The best way to do this is to send them a discharge request form informing them that you’re leaving them for another bank. Their retention team will call you up and beg you to stay.
Let them know the reason you are leaving is because the other lender is cheaper and in most cases they’ll offer you a special that isn’t available to new customers. This is the lazy mans way to a low rate home loan!
About the Author Otto is a Mortgage Broker that has specialised in the credit guidelines of the major banks for over 7 years. His website Home Loan Rate helps customers to choose a home loan from a variety of lenders, all offering competitive interest rates.
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