Did you know that when you take out a variable or split home loan, you may not be stuck with the rate you signed off on?
Through repricing, you may qualify for a lower interest rate and could put more money back in your pocket.
It’s a simple process that could help you save more, without the hassle of a refinance.
While you may not qualify for repricing if you’re on a fixed-rate loan, there are other options you can explore to save money. Check out this article for more details.
Repricing is when you or a mortgage broker negotiate with your current lender to get a lower interest rate on your home loan.
Having experience negotiating with a bank is a big advantage when repricing. That’s why it’s usually better when a broker does it, as it’s part of their job.
Repricing is similar to refinancing but much simpler. Instead of changing lenders and loan products, you are only changing your interest rate.
It’s also worth mentioning that a mortgage broker is legally obliged to act in your best interest when it comes to your home loan. So, when a Nectar broker negotiates with your bank, you can rest assured that they will work to get you the best rate possible.
There are four major advantages to repricing.
Remember, only a variable loan or the variable portion of a split loan may qualify for repricing.
The following factors could also work in your favour:
However, you may still qualify for repricing without meeting these criteria – it always pays to ask your broker anyway.
Are you on a fixed-rate loan? Is it expiring soon? We could help you get a better rate. Get in touch and we can discuss what strategy works best for you.
In a word, no!
When it comes to repricing, as long as you are engaging with a broker:
Start putting more of your hard-earned money back in your pocket today. If you’re interested in repricing your home loan, contact your friendly Nectar mortgage broker. We’re here to help you.