Tip tip to fight rising costs… (You’re welcome)

Okay, so all we hear is “inflation, inflation inflation” right?

Yes, things have increased and if you are waiting for things to return to normal then you are risking a massive loss in revenue and profits.

One of the biggest impacts to hit any business is rising interest rates… especially home loans.

What Can you Do?

Here is one way you can handle it…(Assuming you wish to keep more money in your back pocket that is)

You write an email to your banker or speak with someone at the bank where your finance is held. If you know the person who did your finance – even better!

You explain that due to the constant increase in interest rates that you have been forced onto considering other options. Therefore, you will be seeking some alternative quotes to refinance and get a lower interest rate.  Tha is unless they can sharpen their pencil.

It is almost guaranteed that your bank will come back to you and offer you a more competitive rate.

The trouble is… with all the noise in the media and constant talk of interest rates increasing, we can all be guilty of just accepting it and copping it on the chin!

We get indoctrinated by the media and industry commentators who teach you to do what they say and not question it.

What many do not realise is… banks are held accountable for sales and certain performance targets. The saying goes “A new client always gets a sharper interest rate than an existing client”

It has been proven over and again by many of my clients, that requesting a lower rate does often get a positive response.

Here is a copy of an email from a banker to a colleague I know, who did exactly this and as you can see… if he can prove a lower rate elsewhere he stands to drop his rate even further.

 

What’s Next?

So if you want to add a few extra dollars a week to your own back pocket… write that letter now and get yourself some savings.

The best thing about this action is that it doesn’t come at a cost. You can get a lower rate without losing any additional service or value.

Keep an eye out for more tips on saving money without losing anything of value…they are out there!