Background: David, a homeowner in Melbourne had a fixed rate home loan that was approaching expiry and was soon to rollover to a much higher variable rate.
Three months before the expiry date, we contacted David to discuss his options and ensure he kept us informed of any new offers from his Lender. He was soon offered a variable rate by his existing Lender, but we felt there should be room for improvement.
Our Approach:
We took the initial variable rate offer into consideration and approached the Lender on David’s behalf, presenting a strong case to reduce the rate.
By highlighting David’s excellent repayment history, significant home equity, and his overall financial position, we were able to negotiate a further 0.35% rate reduction on his behalf which saved David over $4,000 p.a.
This “soft landing” not only ensured a smooth transition from his fixed rate to variable but also saved him money over the long term. By acting early and advocating for our client, we achieved a better outcome than expected, showing the value of proactive mortgage management and negotiation.
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