Pick up the phone 'and ask for a better mortgage deal'

Pick up the phone 'and ask for a better mortgage deal'

After the recent Commonwealth Bank interest rate rise it could be a good time to try to negotiate a better home loan deal, one expert has suggested.

Now is the time to think about picking up the phone and asking for a better mortgage deal from your provider, according to one industry expert.

Choice spokesperson Ingrid Just noted financial organisations are currently under a lot of pressure, News.com.au reports.

This comes after the Reserve Bank of Australia increased the interest rate at the beginning of the month by 0.25 per cent to take it up to 4.75 per cent.

What's more, the Commonwealth Bank (CBA) opted to up the levels on some of its savings accounts by the same number, but raised the rate on a selection of its mortgages by 0.45 per cent.

As a result, Ms Just pointed out that the other so-called big three banks in Australia are sitting back and letting the CBA deal with the uproar that has erupted following the move.

She added: "There's a lot of fury and a lot of anger so you can use this time to leverage for your own personal circumstances.

"The number one thing that everyone should do is pick up the phone and ask your bank for better deal."

In addition, she added that people should be able to haggle for their personal banking services and also stated that the group's surveys have shown 30 per cent of individuals who have attempted to negotiate a better deal have come out with one.

Also, consumers can ask for fees to be abolished or reduced.

This comes after the Herald Sun revealed earlier this month that some of the so-called big four banks were prepared to lower their mortgage demands when questioned.

The publication observed that the cheapest option available came from NAB, which reduced one of its products from 6.54 per cent to 6.49 per cent, while Westpac made the biggest cuts as it knocked 0.1 per cent off its Premier Advantage Package.

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