I’ve had a tonne of people recently reach out asking for tips on how to get the bank to lower their rate.
Bad news. It’s not as easy as just calling up and complaining.
Follow the below tips next time you’re speaking with your bank 👇 👇 👇
1. Make sure to call the discharges team and not the general hotline. The discharges team will have the authority to offer the biggest discounts.
2. Do your research first! Make sure you have a lower rate ready, that is from a comparable bank, that matches your loan type. For example, if you are on 6.50% variable P&I with CBA, tell the discharge team you have been offered 6% variable P&I from Westpac.
Majors will only match majors, and 1st tier lenders, like Suncorp, Bankwest, will only match other 1st tier lenders. There is no point whinging about a 5% rate you were offered from Bob and Jane’s Credit Union.
3. Only attempt to renegotiate every 3 to 6 months. There’s no point ringing up every month and this will only worsen your chances of renegotiating when you really need it.
Sound like a pain or just can’t be bothered?
Let us do the work for you 😉
