Proactive Loan Review Process
At Aussiewide Financial Services, our commitment to you doesn’t end once you’ve secured a great loan. We understand that your circumstances and the market are constantly evolving, which is why we offer proactive periodic reviews to ensure that your lending remains competitive now and into the future.
The Ever-Changing Landscape
Various factors can impact the competitiveness of your loan, including fluctuations in the RBA cash rate, changes in your lender’s interest rates, shifts in your loan-to-value ratio (LVR), and the expiration of special introductory offers. Unlike banks, whose primary interest lies in retaining customers on their existing loan products, our loyalty is firmly with you.
Our Ongoing Support
When we conduct a periodic review of your loan, there are typically three scenarios that may arise:
- You’re Already on a Great Deal: In this case, no action is required, and you can continue enjoying the benefits of your current loan.
- Repricing: If we find that your current lender is offering a more competitive deal, we’ll negotiate with them on your behalf to improve your terms. Repricing allows you to secure a better interest rate without changing the structure of your loan.
- Refinancing: Alternatively, if another lender is offering a more attractive deal, we may recommend refinancing. Refinancing involves replacing your existing loan with a new one from a different lender, often with better features or a lower interest rate.
Repricing vs. Refinancing: What’s the Difference?
Repricing involves negotiating a new interest rate with your current lender, aiming to save you money on interest payments over the life of the loan. It can lead to reduced monthly payments and improved cash flow, particularly during financial hardships.
Refinancing, on the other hand, entails paying off your existing loan by taking out a new one with different terms and conditions from a different lender. Homeowners typically refinance to secure a lower interest rate, access equity in their home, or consolidate debt.
Neither option is inherently better than the other; it depends on your individual circumstances and financial goals.
Introducing The Aussiewide Repricing Team
To ensure that you always receive the best deal on your lending, we’ve assembled a dedicated team of Repricing Specialists. Their sole focus is to periodically review your loan and negotiate with lenders to secure better terms on your behalf.
In the past year alone, our Repricing Team renegotiated 948 loans, resulting in significant savings for our clients. Rest assured that if you’re an existing Aussiewide client, we’ll take care of the review process for you proactively. However, if you’re a new client or currently have loans with lenders outside of our network, don’t hesitate to reach out. Our services are free, and there’s no obligation to proceed. We’ll simply provide you with an assessment of your options and advise if there’s potential for you to save.