Chat with us, powered by LiveChatHow to get blood out of a stone…

How to get blood out of a stone…

There’s an old saying that getting a discount from a Bank is like getting blood out of a stone. But as we’ve pointed out a few times recently, the home loan market is certainly competitive at the moment, with banks offering all sorts of deals to secure your lending business...

So it was interesting to see some figures recently from RateCity that provided a bit of an insight into how much the “Big 4 Banks” were prepared to drop their rates for larger loans. The research showed that whilst all of the major banks offered discounts for bigger home loans, the Commonwealth Bank seemed to have the largest discounts of the four. In fact, their average discount on a loan over $750,000 was 0.35% compared with loans under $250,000.

In comparison, the discounts offered by the other members of the Big 4 ranged from 0.2% to 0.3%. This compared with the broader average across all home lenders of 0.42%. The important thing to remember, of course, is that if you are looking for a new housing loan, whether as a purchaser or simply refinancing, is to talk to a mortgage broker before you sign on the dotted line.

They are well placed to assist you in prioritising your needs and preferences as far as loan features as concerned, as well as being “in the know” as far as which lenders are prepared to offer you the best interest rates.