Nick Gardner wrote in the Sunday Telegraph about how to trick banks into reducing your mortgage rate. Just tell them you are switching to another lender. Apparently Westpac refuses to release paperwork to solicitors for ten days, while the files are referred to the bank's Retention Unit. This secret group is tasked to offer deals to customers to persuade them to stay with the bank, on condition that the home owner doesn't disclose the details of the deal to others.
Nick says "banks have a lot of discretion in setting the rates that they offer you."
As Nick says, this means the banks are punishing loyal borrowers who continue placidly to pay whatever rate they are offered.
Dean Rushton, a broker of Loan Market Group, says "Loyalty does not pay, and not everybody is a very good negotiator, so get your broker to haggle on your behalf.
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