All indications are the next interest rate hike will be up. It may be a good time to do some maintenance on your home loan.
It’s a very competitive finance market at the moment. You may be aware major banks have increased either their interest rate, or the required deposit, for investor lending. This is in an endeavour to cool excessive borrowing in the capital city market. Second tier or non-bank lenders, are keen to pick up this slack and wish to increase their market share. They are ready to deals.
Both owner-occupiers and investor borrowers are in a good position to negotiate interest rates with your credit provider. Armed with the right information and knowledge you can threaten to move your loan if they do not give you the best deal.
One thing that can help is to know your own “Credit Score” number. Your Credit Score is the rating you have with finance companies and it is accessible to all credit providers as well as yourself. If your Credit Score number is between 800 – 1200 then you will have better leverage to negotiate your rate.
Many websites can provide your credit score but most of them make you wade through a maze of special offers and online questionnaires. Try Veda at mycreditfile.com.au,as they are simplest.