Home Loan Tips - #2

Tip 2 - Ask about discounts/special offers

Banks want to keep lending people money and they will often lower the rate to make sure you don't look elsewhere.

Banks often have special packages where you sign up for a few hundred dollars a year, but you get a lower interest rate. The packages can also have other perks such as no annual fee on your credit card, no account keeping fees and more that will make it worth while in the end. These are commonly referred to as relationship discounts and reward you for keeping all your banking buisiness with the one institution

Another top bit of advice I recently read was to ask lenders about the "professional packages". If you are making more than $50,000 a year, or $80,000 or more with a partner these packages can give you a discount of about 0.5 per cent on your loan.

Pick up the phone or call into your bank today and ask for a better deal. You just might be surprised!