Mango Money

Is it time to refinance and get a better deal?

Don't put off refinancing, you could be costing yourself thousands

Did you know that the banks rely on you to stay loyal to increase their profits?

I started as a mortgage broker over 10 years ago, and one thing I have noticed is the banks look after their new customers better then their existing customers.

Ten years ago, most banks offered their clients around half a percent discount of their standard variable rate to win their business. Each lender plays the same game, and each year the discount to win new clients gets bigger and bigger. Most lenders are now offering 1% discount or more off their standard variable rate to win new business. Existing clients however are kept in the dark and continue to receive the same old discount they were offered when they first took our their loan.

It is the new customers who get the benefit of competition.

Refinance home loan

The other trick I have noticed is lenders offering customers very competitive deals with no mention of the discount being linked to their standard variable rate. Over time they simply increase the rate above that of the Reserve Bank increases or they fail to pass on the full discount when the reserve bank lowers the cash rate. So again it is only the new customers being looked after. These are both great ways for banks to increase their profits and they hope you don’t realise.

If you have been with your lender longer than 2 years it is time to get it reviewed. Competition has really improved amoungst lenders since the end of the GFC. Some lenders even help you with any exit cost to try and win your business.

What would you do with the savings?

Line of credit

One percent savings, on a $400,000 loan is equivalent to $4,000 per year. Over 3 years that is $12,000, that might be a holiday to the snow or a tropical island.

Is it time to refinance?

A dollar saved can be even better then two dollars earned. For example, if you are an average family with 2.2 kids earning the average income saving a dollar can be even better then earning two is essentially true. Each dollar earnt may lose you 32 cents in tax, and up to 50c if you are recieving family tax benefit A and B. All up 82 cents in the dollar is lost from a dollar earnt. Is is any wonder when we earn more we can feel like we are going backwards.

Why Choose Mango?

At Mango Money we fight for you to get the best deal. Getting a home loan or refinancing your loan can be a stressful time, most people are unaware or feel uncomfortable negotiating a better rate with their lender. At Mango there is no need for you to go out of your comfort zone. Already this year multiple existing clients of ours received a phone call from me, letting them know they have just received a discount on their existing home loan. All of this without having to do a thing. We work hard to review our clients loans on a regular basis so that you are looked after like a loyal customer should be.

A Question for you?

a question on your loan

Are you the type of person who likes to be treated like a valuable client?

And are you the type of person who likes a good deal?

If so, you don’t need to worry about sitting at the negotiation table, we will do the hard work for you.

So give us a call today contact us using the form below. We can call or email you back, when it's convenient for you.


We are here to help you

  • Home, Car, Business, whatever your needs
  • We negotiate you the best deals
  • We have over 30 Lenders
  • We keep your loans competitive

07 5522 9522

Keshena Riddell

I have dealt with Alex twice now and both times he has exceeded my expectations. He is down to earth, professional and always goes the extra mile to get the job done. His communication is outstanding and the process is so easy. I couldn't recommended a more trustworthy and friendly person to deal with. Thanks again Alex for getting a home loan just right for us.

Ross Mann Financial Adviser

Happy Car Loan Client

I have just had my car loan approved with Alex. He is very professional, easy to deal with and his language is understandable without the technical jargon. He kept me informed all the way through the process which didn't take very long. I would recommend anyone seeking finance to give Alex a call. Thanks Alex and my next loan from you will be for an investment property.

Corrina Chaffey

We have known Alex for over 10 years now and he has always steered us in the right direction, he now handles 3 property mortgages and 1 car loan for us having completed the 3rd property only last week. His advice is always spot on and communicates in a language that all can understand. Luke and I highly recommend Mango Money to help with wealth creation, money management and overall to get the best possible rates etc. Thank you Alex will now start saving for property number 4 - lol! 🙂

Ashleigh McMillan made refinancing simple,quick and easy. Highly recommend Alex and his team. They work with you every step of the way and get you the best possible outcome. Thank you! We will continue to use Mango Money and a recommend to our friends and family.

Mick Alexander

So happy with my car loan that I'm getting Alex to redo my home loan. More money for me, its a no brainer