Often borrowers mistakenly believe that all lenders are the same and that there is no scope to reduce loan costs – unless you threaten to leave your lender.

But that’s far from the truth. Those who have already sought assistance from their Smartline Adviser will know this to be true. So, if you haven’t yet worked with a mortgage adviser, get in touch and start saving.

All lenders are not the same
There is actually a good deal of difference between lenders on interest rates, fees and credit policies, and borrowers can potentially save thousands of dollars by doing a bit of homework and contacting their lender to, for example, request a reduction in their interest rate.

If you’ve shopped around and found better deals, you’ve got nothing to lose by contacting your current lender and asking: ‘what can you do for me?’

If you already work with a mortgage adviser chances are they’ve already done the running around for you.

Get organised
It’s important to ensure that your ‘financial house is in order’, as there is no point in asking your lender for a better deal if you’re always late making loan or credit card repayments for instance.

Save and keep credit in check
Borrowers have the best chance of success if they have a savings record, are up-to-date with all of their bill payments, and have resisted signing up for any additional debt.

This is increasingly important as more and more of your repayment history is being recorded on your personal credit file, which is carefully scrutinised by lenders.

Lenders look at the credit limit on your credit cards as a liability you may have in the future, even if you don’t currently owe a cent.

Get a home loan health check
A ‘health check’ with an experienced mortgage adviser who has access to information on loans from multiple lenders can prove very helpful.

Mortgage brokers have access to a vast array of products and services across a panel of lenders.  As such, they can tailor a solution to suit your unique personal requirements.

Often, just going to another bank for a better product offering may give you the leverage needed to negotiate with your preferred lender – and a mortgage adviser will do all of the negotiation on your behalf at no cost to you.

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DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.