It is absolutely astonishing that so many people have a mortgage and they have not recently tested their bank to make sure there isn’t a better deal available.
Even if you have no plans to make a switch with your mortgage, why not contact your bank, tell them you are thinking of switching to another bank, and let them know that you would like to give them the opportunity to provide you with a better deal and a lower interest rate.
If you have no idea how much difference a reduction in interest rate can make on your mortgage, check out the following link for a range or mortgage calculators from ASIC. A lower interest rate, additional repayments and perhaps even the well disciplined use of an offset account has the potential to make a very big difference to your future wealth and financial security.
Your current bank is unlikely to tap you on the shoulder to let you know they can offer you a better deal so you need to be proactive, take control and act in your best interests. A phone call to your bank has the potential to be one of the smartest things you could ever do.
Disclaimer: The information in this post is of a general nature only and has been provided without taking account of your objectives, financial situation or needs. No representation is given, warranty made or responsibility taken about the accuracy, timeliness or completeness of the information and it must not be acted on. Because of this, we recommend you consider, with the assistance of a financial adviser, whether the information is appropriate in light of your particular needs and circumstances. Past performance is not a reliable indicator of future returns.