Savvy Australian property investors should be putting pressure on their lenders to offer them a better rate on their loans, it has been claimed.
Despite the recent increase in the Reserve Bank of Australia interest rate, borrowers are still in a good position to negotiate a better deal with their lender, according to senior corporate affairs manager at Mortgage Choice Kristy Sheppard.
Speaking to the Australian property investor magazine, she suggested that it is often preferable for lenders to lower the rate for an existing customer than attempting to target a new borrower entirely.
She explained: "It's always in customers' best interests to shop around for the loan that's best suited to their lifestyle and needs, and with competition returning to the mortgage market undoubtedly some savvy borrowers are putting the pressure on their existing lender.
"As with many things in life, if you don't ask you won't receive."
At the beginning of this month, the Real Estate Institute of Australia's Deposit Power Housing Affordability Report indicated that house affordability declined over the September 2009 quarter.
Despite the recent increase in the Reserve Bank of Australia interest rate, borrowers are still in a good position to negotiate a better deal with their lender, according to senior corporate affairs manager at Mortgage Choice Kristy Sheppard.
Speaking to the Australian property investor magazine, she suggested that it is often preferable for lenders to lower the rate for an existing customer than attempting to target a new borrower entirely.
She explained: "It's always in customers' best interests to shop around for the loan that's best suited to their lifestyle and needs, and with competition returning to the mortgage market undoubtedly some savvy borrowers are putting the pressure on their existing lender.
"As with many things in life, if you don't ask you won't receive."
At the beginning of this month, the Real Estate Institute of Australia's Deposit Power Housing Affordability Report indicated that house affordability declined over the September 2009 quarter.
