Looking To Refix Mortgage? Don’t Take The Easy Option
Refix Mortgage – don’t take the easy option!
Much of what we do every week at the Mortgage Supply Co, is help our clients make informed decisions about what to do about their loan that has an interest rate expiry looming. So what does that involve?
- We get updated information about their current financial situation
- We discuss financial goals to see if the current loan structure is still fit for purpose
- We get rate options from the current provider and cross reference them with the market
- We review with the client, either staying with the current provider or refinancing under better terms for the client
On the other hand many borrowers will go to their banking app which these days pushes through rate options to the client and they click a button and its all done. Nice and easy.
Most of the time there’s no worry with this. The bank offer is competitive, they put forward through the app their best rates and the deal is done.
The other time is March 2023.
In recent weeks we have seen banks have under the table offerings, where the rates are not necessarily marketed in any way, but are made available to advisers (and in some cases direct) for a limited time.
This saw one bank with an offer 1.5% better than market, and the others in various ways followed suit dropping rates and offering a 1% cashback to boot.
As news of this leaked to media outlets, our phones rang red hot with clients old and new wanting to see what the options were for them.
We were able to save many people many thousands of dollars and put them in a better position because at that point in time we knew the market, the options and what was being offered.
Other people clicked their app.
If you would like us to look at your loans and refix mortgage, contact us today.
David Windler
Financial Adviser and Mortgage Broker
Director The Mortgage Supply Company