It’s not spelt out in the glossy brochures, but home loans  are much more a negotiation than a take-it-or-leave-it proposition for borrowers.
Even if you already have an established mortgage, financial institutions have plenty of reason to keep you happy. So how can we help you get the best rate on your mortgage?
Information is king
How do you actually negotiate a better deal? Well, it pays to come armed with the best information.
You’ll need a clear understanding of your present loan circumstances – the interest rate, fees  (particularly any exit fees that will be charged if you switch lenders), remaining principal owing and the time left on your loan term.
Add to that the same details from competing loan products. These could be from other banks, credit unions or mutual banks such as Beyond Bank.
Be sure to also investigate the current promotions and deals being offered at your existing bank. They will sometimes offer better deals and door-busting interest rates for new customers and it is often possible to get these extended to your own loan.
The best in market
Negotiating new terms for your home loan is essentially about being aware of how the lending market is currently operating, and then communicating with your lender. Explore your options and make sure you investigate whether you can receive any concessions for being a loyal customer.
Beyond the ‘Big Four’
Moving beyond the ‘Big Four’ banks may involve a switch to a non-profit or customer-owned bank, whose security and benefits can be difficult for even the biggest banks to match.
Beyond Bank, for example, offers a range of rewards and benefits for both its lending and investing customers. It is a deliberately local institution, playing an active role in the communities that it operates in through fundraising, volunteering and direct donations to charitable organisations.
It also has financial products that encourage and inspire similar values in its customers. Beyond Bank’s Community Reward Account , for example, donates a percentage of each customer’s savings (without lowering their balance) to the community organisation of their choice.
Don’t be afraid to negotiate the rate of your mortgage. Do your research and be armed with information. This will put you in a good position to get the best rate on your home loan.