In order to provide this very simple tip, I need say that I am a little embarrassed to tell you that despite being a 30 year veteran of equipment finance, I was paying too much for my mortgages. As with so many business owners, you focus on your clients’ needs and not you own circumstances (mechanics truck syndrome) and was blissfully unaware that I was paying a higher interest rate than what was available for my home and investment property loans.
I became aware, quite by accident when I saw a website ad from that bank offering a lower rate of interest on similar loans to mine.
Upon seeing this ad, I simply went on line and requested they review my existing interest rates, indicating that I was aware of their current lower interest rate offerings for new loans.
Within 3 days I had a response and received significant interest rate reductions on both loans. It was as simple as that!! The 5 minutes I spent doing this has resulted in a substantial saving going forward.
I can’t help but think that home loan lenders are a little like mobile phone plan providers. They are happy to continue to charge you the higher rates of your existing plan despite there being a better plan out there which is available to you. HOWEVER, you will get that better plan if you only ask.
The point is you won’t get it unless you ask.
It was 5 minutes very well spent and I would suggest you all do the same.
Mark O’Donoghue, Founder & CEO Finlease
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