Are you paying too much for your loan? If you haven’t reassessed it lately – especially in light of the recent RBA cuts to the official cash rate – then it is quite possible that you are.
In a recent article in Australian Broker News, Steve Mickenberger, group executive of financial comparison site Canstar Group suggested that, “…any rate above 3.47% is over the lowest quarter of loans and action should likely be taken to secure a better rate.”
Lenders are very keen to offer great deals to new borrowers, and they focus much of their attention on this segment, but they are usually just as open (though more quietly) to provide equally attractive deals to existing clients if there’s a risk of losing them. For them, it’s better to lose a bit on interest than to lose a good client.
The onus however rests with the customer of course, and while most mainstream lenders rely on the fact that the majority of clients find the process too daunting or complex to think about, they are also determined to keep your business – so if you’re a pro-active borrower, the ball is definitely in your court.
Even if you are one of the majority of borrowers who finds the idea of renegotiating finance unnerving, the good news is that we can do the hard work for you. In fact, it’s what our finance team are experts at.
How can WhiteStar assist?
Firstly, we can do an assessment of your current borrowing arrangements. We’ll look at whether you may be in a better position to refinance, restructure or stay put. Even if, taking everything into account, our advice is to stay where you are, we might still be able to assist by negotiating a lower rate with your current lender.
Secondly, we can assess your entire borrowing and credit position, and offer advice such as consolidating different debts into one loan at a lower rate, saving you interest and fees and helping to put money back into your pocket.
Debt isn’t a bad thing, but it needs to be well-managed, and by streamlining your finances, you can possibly free up cash-flow, strengthen your credit score or even make the most of the extra savings by upgrading your home (and in turn, its value).
Importantly however, we’re not advocating a quick-fix. A sound financial position is based on good spending habits over the long-term. And that’s where tools such as WhiteStar’s Money Management platform comes in.
This specially designed, highly-secure online and app-based tool keeps a record of your spending and can highlight areas where you could make easy savings or where you’re making unnecessary purchases.
If you’re not already on WhiteStar Money Management, you can get it from:
for Apple devices : Apple store
for Android devices : Google Play
for laptop and desktop : Click here
Once you’ve registered, give our team a call on 1300 652 842 and enjoy a free 7-day trial and start taking control of your finances today.