The banks may be in business for a profit, but it is time to remind them that it pays to put customers NOT shareholders first.
Whether you’re refinancing or applying for your first loan, we believe that the best strategy you can take is to be an active banker. By being an active banker you are keeping the big business banks on their toes and paying them as little as possible. It’s a simple concept we like to call “shop around” .
Here’s how we suggest you go about it,
1. Call a mortgage Referrer (e.g refunds direct). This is a quick and easy way to establish if any of the big banks are worthy of your business. They have an excellent network of available lenders, are experts in their trade and charge a lot less than mortgage brokers for their services.
2. Try a mortgage broker as well (it’s always good to dip your feet in a few ponds). Mates Rates Mortgages refund you their trailing commissions (in other words saving you $1000s over the life of your loan) and we have found are very professional to deal with.
3. If you are self employed or are not seeking a 100% standard loan, then getting a loan can be very difficult since the GFC. Seek Home Loans is a traditional mortgage broker network who can to cater to people who don’t fit into the perfect mould – which unfortunately many of us don’t!
4. Call a credit union. It can be hard to get a loan with a credit union and some times their rates can’t match the competitive market. But, at the end of the day, their business is your business, so it’s ALWAYS worth a call. Comes Back to You is a useful credit union site for helping you to find a local credit union. Alternatively, if you have a teacher as a family member then theTeacher’s Credit Union is renowned for its impeccable customer service.
By contacting these three groups, we believe you will have effectively covered the Australian Mortgage market.
Also, don’t forget to Spank Your Bank so they know exactly why you’re leaving them!
p.s. Even though the Big 4 share ownership, they still do have a little bit of sibling rivalry between one another. So if you would prefer to stick with the Big 4, that’s ok. Just contact them through a mortgage broker. If you go directly to them, they are VERY unlikely to do you their best deal.