The lender banks would love to lend them and give you the best chance to get hold of that low rate. Lenders look for several key things before calculating your interest rate. Be aware of the factors that may hinder your negotiation:
As already mentioned, use your loyalty as a negotiator if you have to. Many lenders stay with the same lender for years, and if you have a good history with them, it can help when it comes to negotiating a lower rate. Before claiming a lower interest rate, look at your situation and make sure that you have repaid on time and that your LVR (Loan to Value Ratio) has gradually grown lower. This is a normal timeline of your loyalty now and proof that you are a trusted customer.
A mortgage broker is a specialist in the field of mortgages. The most important thing to know about using a mortgage broker is that they will work with you and find the best possible option for your needs. They have access to all sorts of lenders, including banks, credit unions, and even some non-traditional lenders like peer-to-peer lending sites or community loan funds. A mortgage broker can also provide more personalized service than you would get from an online lender who simply provides a list of options based on criteria you fill out on their website.
Talk to the team at Ding Financial