Revert rate is a common term used in home lending. It’s variable interest rate bank charges when a home loan comes off the fixed term.
Did you know that revert rates are usually higher than other competitive rates available in the market?
If you don’t ask for a better rate from the lender, you’ll automatically be put on that revert rate, which may result in higher interest cost and increased repayment.
How can you achieve a better rate?
1. You can speak to your existing lender and ask for a better rate. While it seems easy, lenders usually don’t offer attractive rates to existing customers.
2. Refinance to another lender who can offer a very competitive rate. Sometimes, you can be eligible for cashback offers, which is always an upside.
If you’re one of those home owners who’re coming off the fixed term, please reach out.
#swiftlend will help you from finding a product that suits you and ensures better financial outcome and guide you throughout the process.
Please feel free to reach out for an obligation free chat.
I’m based at Griffin and happy to catch up in person at a place and time convenient to you.
0415792621
maxi.haque@swiftlend.com.au
