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Homeowners hurting after the Commonwealth Bank’s shock 0.45 per cent rate rise are being advised to get smart and get a better deal.
Tomorrow Finance director Mitch Fraser said the rise, almost doubling that of the Reserve Bank, would take the Commonwealth’s standard variable rate to 7.81 per cent, 1.37 per cent more than the special discounted rate from a major bank of 6.44 per cent currently available through its website www.tomorrowfinance.com.au
“I can understand people being angry,” said Mr Fraser. “But there are ways to beat this. People tend to put up with this sort of thing out of loyalty or because they don’t have the time or the ability to negotiate a better rate.
“And that comes back to what Tomorrow Finance is all about. We’ve done the negotiations to get a discounted rate and borrowers can access it through our website. No ringing around all the banks, no haggling, no wasted time.”
Tomorrow Finance is a web-based home loan information provider that connects home buyers with the cheapest bank loans available in Australia.
In the past few weeks as speculation about the Reserve’s intentions mounted Tomorrow Finance had noted a surge in browsing activity as borrowers became concerned about an imminent rate rise.
Said Tomorrow Finance director John Allen: “People are slowly realizing that when big institutions make decisions that impact on their financial well being there are options available to them; they are not impotent and they are certainly not going to remain loyal if it’s always a one-way street.
“An increase of 0.45 per cent or even 0.25 per cent will put many people who are already struggling at breaking point. So the choices are quite clear – sell up, suffer in silence or find a cheaper loan.
“There has always been scope for borrowers to negotiate a better rate from their lender but who has the time these days to hit the phones, negotiate a rate and use that as leverage to get a better deal?
“It’s great in theory but in practice it doesn’t happen, otherwise we’d all be paying lower rates. The beauty of our offer is that we’ve already done the negotiating and made it available to users of our website.
“It’s the simplest thing you could ever do to save thousands of dollars and potentially save you from making a bad decision such as selling your home.”
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The review "Home Loan Comparison" was last updated on 18/04/2015.