Review My Rate
The most effective way to lower your expenses
Performing a consistent interest rate review is the single most vital action you can take to save money. For the vast majority of our clients, their home loan is their largest ongoing cost.
Consider this: has your lender ever proactively reached out to offer you a discount or disclosed that your current rate is higher than what they offer to new customers? Has your current broker contacted you recently to confirm they have negotiated a better deal on your behalf?
At Loan Market Ignite, our core standard is to perform an interest rate review for every client every single year. We currently average 20 of these reviews every day. Whether you already work with us or not, we can provide a cost free interest rate review to measure your current loan against the rest of the market.
Why you should review your rate
Lenders currently provide more competitive pricing to borrowers with higher levels of equity in their property. Equity is simply the gap between your current loan balance and the market value of your home.
As your property increases in value over the years, you may become eligible for a far better deal. However, this lower pricing is rarely applied automatically. It generally only occurs if you initiate the conversation and understand the specific criteria and terminology required to negotiate. Banks are highly motivated to retain their current customers. When they are presented with a choice between matching a competitor or losing a client entirely, they frequently decide to reduce your interest rate to keep your business.
How it works
To begin the process, navigate to our contact page and provide your basic details along with the answers to these four questions:
- Who is your current lender
- What is your current interest rate
- Is the property for owner occupation or an investment
- What is your estimate of the current property value
After you submit these details, we will perform a market comparison against your current interest rate on your behalf.
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Useful tools
Use these handy loan calculators to help you calculate how much you can borrow, figure out how much you need to set aside for stamp duty charges, see how much you could save on your mortgage by making extra repayments and more.
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