Spring clean your home loan with a small lender_article image
18 October 2024

Spring clean your home loan with a small lender

This season, our Senior Wealth Adviser, Dawn Thomas, recommends giving your mortgage a once-over. Dawn discussed how to give your home loan a spring clean with Matthew Elmas from The New Daily.

With fierce competition in the lending market, shopping around can bring significant savings, especially if you are prepared to look beyond the big four banks and investigate the smaller lenders’ offerings. 

With strict regulation in place in Australia, smaller lenders are just as safe to deal with and are offering borrowers significantly lower rates to win market share from the big banks.

Dawn, cautions borrowers to consider the big picture and look beyond just the interest rates. She emphasises considering other loan features, like mortgage offset accounts, which might come with slightly higher rates but offer long-term financial advantages.

If you don’t ask, you don’t get, so Dawn’s advice is to shop around to find out what lenders are offering new borrowers. Then approach your existing bank and put it up to them to match it. Customer retention is just as important as booking new business, so it’s worth giving your lender an ultimatum…. And be prepared to move if your bank won’t budge.