Finance advice
Kevin Lee

Is your bank cheating you from a rate cut?

By Kevin Lee

Interest rates are often given a lot of thought and attention by investors, and it's often hard to find out when to fix. Here's my perspective on negotiating this decision.

Blogger: Kevin Lee, founder, Smart Property Adviser

The team at Smart Property Adviser recently surveyed our clients asking two very direct questions:

1. What would you like more of from property investment?
2. What would you like less of from property investment?

The responses we received for the first question were 'almost predictable' and revolved around increasing their income.

However, the responses we received for question #2 had a common thread. Most respondents wanted less headache with interest rates, in fact this is what one respondent said: "[less of] wondering whether or not to wait til the next interest rate drop before fixing!"

Since the RBA meet again next Tuesday (August 6th) and currently there's intense speculation about another drop in interest rates, I thought it would be prudent to share a little known secret with Smart Property Investment readers. To some readers it's 'fair warning'.

Since the GFC the current interest rate gap between the RBA official cash rate and the average basic variable home loan rate across The Big Four Banks has risen to 1.46%.

Yes, all those RBA movements where the banks kept "a little bit here and a little bit there" have added up to a massive GAP!

What's worse is that although the RBA have been cutting their official rate - and WILL do so again next week - the major banks are not giving their existing customers (you) the appropriate rate cut on your existing loan/s.

Read on if you want to see the game they're playing with you ....

A few weeks ago we became aware that a major bank was charging Lyn (a client) 5.72% on her $230k variable rate loan .... BUT for a new client the same loan would be just 5.35%.

This bank was profiteering to the tune of 37 points or $851 a year on this one loan for one client - blatantly discriminating against taking advantage of an existing client to the tune of over $70 a month!

Little wonder they make around $5 billion profit each year....

We investigated and found that it's common amongst the Big Four to have a variable rate product for "new money" - translated that means you need to be either a new client, or borrow 'X' extra dollars from them to qualify.

Our finance team quickly pointed out to Lyn that the best carded variable rate is actually 4.99% - and that rate is available from either a 'second tier' bank and a non bank lender.

Here's a tip: most readers wouldn't know that there are currently 25 variable rate loans at or under 5.19% from both Big Four, second tier and non bank lenders.

Naturally some conditions, restrictions and/or fees etc apply but hey, it's not rocket science.

If you're currently paying 5.72% on your $300k loan and you could be on 5.19% - ask yourself whether the $1590 difference is better off in your bank account or theirs? So their secret is out...

When the RBA cuts official interest rates by 25 points again next week, let's hope your bank passes it on to you as well.

But in any case, chances are you can do better than what you currently have. Contact our office if you want some 'negotiating tips' to assist you to get the best rate possible out of your current lender.

 

NEWSLETTER
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About the Blogger

Kevin Lee

Kevin Lee

Kevin Lee of Smart Property Adviser is regarded by many as Australia's most trusted property investment adviser. Since 1999, Kevin's been the go-to-guy for people when they need honest finance and property investment advice and guidance.

Kevin hosts a regular Investors' Boardroom and investors from around the world fly in to Sydney to attend. More information is available at www.smartpropertyadviser.com.au

FROM THE WEB

podcast

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In this episode of the Smart Property Investment Show, Dominique Grubisa joins host Phil Tarrant to share her personal story which saw her hit rock bottom with excessive debt during the GFC.

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Dominique unpacks how, by relying on her background in law, she was able to overcome that debt and in doing so develop a unique investment strategy which she believes many can utilise today.

Dominique discusses distressed properties, and how she goes about finding them in order to buy property well below market value. She shares the process of identifying distressed properties as well as the controversy surrounding this buying method.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

3 big property investment myths busted open
5 steps to take on low-risk property developments
Securing finance after life-changing events: ‘Cash flow is key’

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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    In this episode of Property Showcase, Michael Beresford joins editor of Wealth James Mitchell to unpack why recent political changes are not reason for concern for Australian investors.<\/p>\r\n

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

How technology is changing the lending environment
Lessons from a falling market
APRA investor measures have ‘run beyond their usefulness’: industry body

 

AREAS MENTIONED:

Hobart
Bondi
Deception Bay

 

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Getting finance approved in this tightening lending environment

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