How you can negotiate your rising rates!
Aghh, rising interest rates. Words we’re continuously hearing lately.
Right!? Everyone's a little bit over it and rightly so, just when you think you have your budget under control, the banks surprise us and throw another spanner in the works.
It’s 100% okay to ask for something better and start negotiating your rates when it comes to your home loans, bills and/or credit cards, or whatever else you have going on!
Doing so may allow you to pay off your loans sooner, which can save you money and reduce a whole lot of stress associated.
The good news is, if you don’t feel confident enough to ask for a lower rate from your bank, you can engage a broker to do this for you! Fun fact, brokers are not just there to help you with initial loans, we can also help you refinance and negotiate your fees to help with some savings!
Research:
Shop around! Much like trying to find your favourite restaurant, there is nothing wrong with you shopping around for a better deal.
Present your situation and see what other lenders are offering, as well as what your bank is offering to new customers. Quite often they will be offering a lower rate to entice new bank customers, yet their current customers are paying more! Make a point of it and negotiate!
Take advantage of your loyalty as a client:
Following on from our point about, if you’ve been a long term client, use this to your advantage! If you don’t ask, you don’t get. If your bank won’t come to the party, know that it’s okay to walk away!
Failing this, if your current lender isn’t able to offer you a lower rate, don’t be afraid to jump ship. You need to find what works best for your situation and what saves you money! Not everyone favours loyalty unfortunately, so if you can’t get a better deal simply know it’s okay to go elsewhere!
Now that we’ve covered that, here are some tips which can help you manage rising rates:
Make fortnightly repayments instead of monthly.
See if you have the option for an offset account.
Make small extra repayments if you can afford to do so.
Pay principal and interest.
So there you have it! Hopefully this all helps you save a little extra cash! We’re always here if you need help negotiating your loans or credit cards!
You can book in a free discovery call in at any time with me here, we can have a coffee and a little chit chat about your current situation and work out how Two Broker Girls might be able to help.
Sarah x
