Whats Happening in Finance and Property Investment

What Banks Don't tell brokers

John Smith - Wednesday, November 19, 2014

With all the competition in the market at the moment, if your interest rate seems high, then you should be talking to your broker about it.

You see, as a broker, we may have organised the loan for you originally however banks do not keep us up to date with the rates you are currently paying. Two to three years down the track, your rate may be higher than what is currently being offered in the market.

If they don't tell the broker, then the broker is unlikely to go an reprice a deal in your favour, as we are unaware of what you are paying now.

Secondly many clients are unaware of the exact rate they are paying. I know as investors, many of you are very aware, but it is worth it to regularly check.

...and do yourself a favour and ask your broker if he can get you a better deal.

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