Dec 15, 2017 10:58:44 AM

The no.1 question homeowners fail to ask

Topics: Interest Rates, Australia Property, Australia Real Estate, mortgage rates, Home loan rates, Homeowners 0

If your interest rate doesn’t start with a three you could be losing out. That’s according to a money expert following a survey conducted in 2017 by, that reported more than half of all homeowners in Australia failed to ask for a better deal on their home loan rate. By simply asking the question most homeowners fail to ask, you could shave thousands of dollars off your home loan repayments.


Embracing negotiation

According to a survey undertaken during 2017 by comparison website, only one in three Australians have successfully negotiated a better home loan interest rate.

Survey results showed that out of the 1,286 homeowners interviewed, just 43 per cent had attempted to get a discount, while 45 per cent didn’t know you could ask for a discount or hadn’t ever asked the question. 

Money expert at, Bessie Hassan, says mortgage holders need to embrace negotiation, and not settle for the advertised rate.

“Have the confidence to ask for a lower rate, and reap the reward that will come with making smaller mortgage repayments. If you don’t ask, you don’t get,” she says. 

Ms. Hassan added that it’s not uncommon for lenders to discount rates by 0.2 to 0.25 per cent right now, and even the smallest discount – just 0.2 per cent – could save you $20,000 over the course of an average mortgage.

A “set and forget” approach

Getting a mortgage can be a complex and stressful process, and many Australian homeowners simply adopt a “set and forget” attitude when it comes to their home loan, believing it’s just too hard to negotiate with their lender and that they’re better off sticking with their existing home loan rate rather than trying to change things.

But it’s vital homeowners revisit their home loan at least once a year to ensure their interest rate is competitive when compared to the market. Home loan features are equally important, with the ability to make additional repayments or the use of an offset account having a significant impact on the life of your home loan.

An annual home loan review

If you haven’t booked an annual home loan review, you could be missing out. As well as shopping around for the best deal, a Mortgage Express broker can negotiate with a lender on your behalf to ensure you’re getting the most favourable interest rate and loan features. Get in touch with one of our brokers find out more.



While all care has been taken in the preparation of this publication, no warranty is given as to the accuracy of the information and no responsibility is taken by Finservice Pty Ltd (Mortgage Express) for any errors or omissions. This publication does not constitute personalised financial advice. It may not be relevant to individual circumstances. Nothing in this publication is, or should be taken as, an offer, invitation, or recommendation to buy, sell, or retain any investment in or make any deposit with any person. You should seek professional advice before taking any action in relation to the matters dealt within this publication. A Disclosure Statement is available on request and free of charge.

Finservice Pty Ltd (Mortgage Express) is authorised as a corporate credit representative (Corporate Credit Representative Number 397386) to engage in credit activities on behalf of BLSSA Pty Ltd (Australian Credit Licence number 391237) ACN 123 600 000 | Full member of MFAA | Member of Credit Ombudsman Services Ltd (COSL) | Member of Choice Aggregation Services.