Wednesday, September 28th, 2011
With recent reports indicating mortgage stress levels are on the rise, many homeowners are feeling the strain. But while it might be tempting to switch to another lender offering a better rate, Your Money Magazine says it’s worth trying to get a better deal on your current home loan.

The flat property market and global economic uncertainty have seen major banks drop their fixed interest rates in a bid to win more customers. Your Money Magazine managing editor Jackie Pearson says this is good news for homeowners.

“Competition is fierce in the mortgage market at the moment, which means homeowners have more bargaining power as lenders want to keep current borrowers happy,” Pearson explains. “This could be a really good time to negotiate with your current lender about how they can help reduce your costs.”

According to Your Money Magazine, interest rates and fees are just two of the areas worth looking at in negotiations. However, Pearson cautions homeowners to check the total costs of renegotiating a loan before moving forward.

“Costs can apply to get out of or to renegotiate your home loan so make sure you look carefully at your finances before you talk to your lender,” says Pearson.

But the key message is don’t be afraid to ask.

“The worst that can happen is your lender says ‘no’,” Pearson says. “But play it smart in negotiations and you could get rid of your mortgage sooner.”

Tips on how to negotiate a better deal and the best fixed rate home loans currently available are featured in the latest issue of Your Money Magazine. On sale now at leading newsagents and online at


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Your Money Magazine

Your Money Magazine is for all Australians looking to increase their personal wealth and achieve the lifestyle they desire. Your Money Magazine’s key focus is to educate the Australian public about money management by providing down-to-earth, easy to comprehend content, detailed product comparisons across a range of categories, and recommendations from some of the country’s leading industry experts.

Combining in-depth research and product comparison tools with shrewd financial education materials, Your Money Magazine takes a unique place in the Australian market allowing readers to not only compare existing products but to educate themselves and take decisive action all in one place.

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