Your mortgage annual review – how much can you save?
At least once a year a member of the Blackburne Mortgage Broking team will be in contact to provide a financial health check on your loans and ensure everything is on track and aligned with your short and long term financial goals.
As the lending landscape is constantly changing, so too does an individuals’ own goals and personal circumstance. This means customer’s loan products and rates are likely to also need a tweak which often results in saving money on your loans.
So how does it work?
One of our team members will call for a quick chat and we will ask you a few simple questions like:
“How has everything been going with your loan?”
“Is your lender meeting your service expectations?”
“Are you still happy with the products and structure?”
“Do you know your current rate?”
“Would you like us to review your rate and product and see if we can save you some money?”
This last question is key. Performing a quick rate review over the phone or via email our brokers will be able to see how your rate fares in the current market.
If the broker believes there is scope to request additional discounts from your existing lender, they will issue a ‘pricing request’. We find that in most cases existing banks will offer some form of discount in order to retain your business and it will be applied automatically.
Each year our brokers save our clients thousands of dollars collectively by doing a simple ‘pricing request ‘with their banks.
In the last week alone, Mortgage Broker, Paul Prindiville has conducted six reviews saving the clients $105 per month on average in interest, An added bonus being that it was at no cost to the clients. This health check is free and part of our ongoing service commitment to our clients.
The other great advantage of a ‘pricing request’ is, once you know what your current lender is prepared to offer, you can then compare it with the rest of the market. If you see more competitive options available, you can then decide if refinancing to another lender to realise the potential savings is something you’d like to pursue.
We cannot stress enough how important it is to utilise the Blackburne Mortgage Broking team to help perform a loan review. So many clients we speak to are enjoying savings on their interest rate and money back in their pockets by simply picking up the phone, answering our call or replying to an email. You could be next.