Shop around for a loan discount rate
Rate discounts are used to lure new borrowers or to encourage them to switch from a rival lender.
Many home loan borrowers get a discount off the advertised standard variable rate of between 0.6 percentage points and 1 percentage point.
The big four banks have increased their discounts since 2008. Discounts of 0.8 percentage points are now commonplace.
If you have had a loan for a few years it may be worth shopping around a few lenders and threatening to switch.
Source: Sydney Morning Herald