Ask for a better deal and save $75K

Bank mortgage customers can save more than $75,000 over the life of their home loan simply by asking for a better deal. However two thirds of borrowers are reluctant to ask for a discount or negotiate with their bank according to a new survey by consumer group Choice.

Choice spokesman, Christopher Zinn, said: ”A 1 per cent decrease on a $400,000 mortgage will save you more than $75,000 over 25 years, so it really does pay to ask.” ANZ came first in the survey among the big banks for offering interest rate discounts to potential borrowers. ANZ offered one or more improvements 59 per cent of customers while Commonwealth offered improvements to 64 per cent of potential borrowers.

Source: Sydney Morning Herald

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