AS banks are in the bad books for surprise interest rate rises and the damning royal commission, this has created an opportunity for customers to get a better deal.
Whether it’s home loans, credit cards, savings accounts or other products, there are ways to extract more value from your bank — particularly while they’re bending over backwards to retain frustrated customers, money specialists say.
“No one’s ever going to care more about your money than you do,” certified financial planner Patrick Canion said.
“You will receive what you are prepared to accept.”
Mr Canion said the key to a better deal is understanding your bank’s criteria for being a valued customer.
“You can ask the bank what will have to change for me to get a better deal, but more generally it’s the overall principles of do you make payments on time, have you got a steady income, have you got a good credit rating, if you have a home loan are you building good equity?”
People should research available deals in the market, present them to their own bank, and be prepared to switch if necessary, Mr Canion said.
“The difficulty is mainly in your mind. When you look at what you can potentially save, it really doesn’t take a lot of time — an hour on the internet or calling a couple of banks or mortgage brokers.”
He said customers should check ASIC’s moneysmart.gov.au calculators to see what difference just half a percentage point could make.