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Skip to content.Contact Support 1300 799 109 Allhomes Commercial Real Estate Navigation Log inAccount Log in * Find a Property * Research * Find Agents * For Owners * Home Loans * News * Commercial * Home * Money & Markets * 6 strategies to help you renegotiate your home loan and save money * Find a Property * Buy * Rent * House & Land * New Homes * Rural * Share * Search by school * Research Property Market Insights * Property Price Estimates * Suburb Profiles * Property Market Analysis * Auction Results * Sold Properties * Find Affordable Suburbs Guides * Advice * Buying * Investing * Renting * Find Agents * For Owners * My Properties * Sell * Home Loans * Refinance Online * Explore Home Loans * Repayment Calculator * Stamp Duty Calculator * Refinance Savings Calculator * Equity Calculator * Borrowing Power Calculator * Fixed Rate Expiry Calculator * News * Property News * Money & Markets * Living * Domain Review * Commercial By Nina Hendy November 8, 2023 FacebookTwitterPinterestCopy link Australia's property market almost fully recovered Despite high interest rates, inflation and the cost of living crisis, new data suggests the housing market has almost fully recovered. 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This modal can be closed by pressing the Escape key or activating the close button. 1. 6 STRATEGIES TO HELP YOU RENEGOTIATE YOUR HOME LOAN AND SAVE MONEY By Nina Hendy November 8, 2023 FacebookTwitterPinterestCopy link Home loans are at their most expensive in 11 years, prompting a mad scramble among heavily mortgaged homeowners to either switch lenders or negotiate a better deal with their existing one. The value of refinancing hit a record high in June, with $22 billion worth of home loans refinanced in that month alone, the latest Australian Bureau of Statistics figures show. The average home loan being refinanced is worth $507,053 as of June 2023, an increase of 28 per cent in four years, a new report called Navigating Refinancing in 2023 from Finder reveals. “Rising borrowing costs are of great concern to a growing number of households. Many have reached the end of their tether – spending a disproportionate part of their income on monthly repayments,” head of consumer research at Finder, Graham Cooke, says. “A reduction of even half a per cent can be the difference of thousands of dollars a year, which is better off in your pocket than as more profit for the banks,” he says. Amid ongoing uncertainty around interest rates, thousands of homeowners are switching their home loans to secure a better deal. Photo: Louie Douvis The report found that as borrowers hunt for a better deal on their home loan, most are happy to cut ties with their existing lender. Cooke says it’s vital that refinancers don’t feel rushed into making a decision. Meanwhile, the bulk of fixed-rate loans are expiring in the second half of this year, and these borrowers have to renegotiate with their current lender because they cannot refinance, Zippy Financial director and principal broker Louisa Sanghera says. “The rapid increase in interest rates since May last year means many existing borrowers are stuck with their current lenders because they simply don’t qualify to refinance at present,” she says. Related articles * Every way to save money on your home loan, ranked from best to last resort * How long does it really take to get a home loan? * Should you consolidate your debt when refinancing your home loan? But don’t allow home loans to roll over to the advertised variable rates. Instead, roll up your sleeves and negotiate for a better deal. You could be in a strong position to get a better deal, particularly if you haven’t missed any payments. 1. FIND THE BEST RATE ON OFFER When in talks with a new or existing lender, make sure you make it clear that you’re hunting for a better deal and that you want to know their best offer. GET THE BEST PROPERTY NEWS AND ADVICE DELIVERED STRAIGHT TO YOUR INBOX. Become a member Check out our Privacy policy. Go in with a clear understanding of the lender market and use this research as leverage when negotiating with your existing or new lender. “Know the market rates well and take that to your lender and ask them to beat it,” Sanghera says. 2. SPEAK TO THE RETENTION TEAM Borrowers often need to talk to the right person when renegotiating home loans. “Always ask for the bank’s retention team directly as they have the best rates, rather than someone who may just be in the home loan centre,” she says. 3. DON’T TAKE ‘NO’ FIRST TIME Too many borrowers are passive regarding their home loans, and they should be proactive about bettering their situation. If the rate you’re being offered is underwhelming, repeat the same process every few months. Renegotiating your home loan could save you thousands in repayments. Photo: iStock 4. ASK FOR THE SAME RATE NEW CUSTOMERS GET Most lenders advertise their best rate in a bid to attract new business. Ask for this same rate offered to new customers to be extended to you. You may find lenders will be willing to negotiate to retain your business. 5. NAME-DROP YOUR LVR Many existing borrowers have built up significant equity in their homes over recent years, which they can use in negotiations. “Lower loan-to-value ratios, or LVRs, carry lower rates with lenders. So, if your property has gone up in value, you may qualify for a cheaper rate, so make sure you know your current LVR before calling,” Sanghera says. 6. ASK FOR A FEE WAIVER Sometimes, banks won’t budge on offering a lower rate. Still, there are ways for borrowers to save. If a lender can’t lower the rate, ask if they can waive the annual fee this year for you instead. Good luck. Related articles * Every way to save money on your home loan, ranked from best to last resort * How long does it really take to get a home loan? * Should you consolidate your debt when refinancing your home loan? Home LoansInterest RatesLoans and finance FacebookTwitterPinterestCopy link WE RECOMMEND HOW LONG DOES IT REALLY TAKE TO GET A HOME LOAN THESE DAYS? RATE RISE BURNOUT: HAVE INTEREST RATES FINALLY PEAKED? THREE UNIQUE VIEWS FROM ONE OF THE WORLD’S MOST FAMOUS BEACHES THE MAN WHO MADE MILLIONS SELLING CHRISTMAS VICTORIA FAILING ITS HOUSING TARGET, PROPERTY GROUPS WARN RECOMMENDED FOR YOU INTEREST RATES HAVE GONE UP AGAIN, SO WHAT HAPPENS NEXT FOR THE PROPERTY MARKET? THE COMMUNITY WHERE YOU CAN CHARGE YOUR PHONE BY SITTING IN THE PARK EVERY WAY TO SAVE MONEY ON YOUR HOME LOAN, RANKED FROM BEST TO LAST RESORT ‘RIGHT TIME’: STOCKLAND INKS $1.3B DEAL AS IT BETS ON A HOUSING REBOUND THINGS YOU SHOULD KNOW The information on this website is intended to be of a general nature only and doesn't consider your objectives, financial situation or needs. Domain Holdings Credit Representative (CR) 478746 acts as intermediary and Domain Home Loans CR 500208 provides credit assistance under Australian Credit Licence 442372. © Domain Holdings Australia. * Help * Contact * About * Careers * Mobile * Privacy Policy * Go to the Top * Domain Marketing Hub * Agent admin This site is protected by reCAPTCHA Enterprise and the Google Privacy Policy and Terms of Service apply. 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