Okay one bank, remain loyal or go to a mortgage broker and look across 20, 30, 40 different lenders. Right 20-30 years ago absolutely it was sit down have a coffee with your branch manager and feel nice and fuzzy and warm and and renew your loan with them, or get extra money out or whatever they wanted to do. Gone are those days, long gone, and if we haven’t been doing that in the last four or five years for your personal situation, you need to change that.
Sorry about the loyalty or lack thereof, your best interest needs to be with you and your future, and going to one lender and staying with one lender only for the sake of loyalty or tradition in your family needs to change I’m sorry. It’s not all about the loyalty but it’s also not all about just the interest rate or the convenience of not having to sift through 30 new pages of application documentation and providing new evidence of your financial situation. Suck it up in the short term for a long term gain, because when you’re looking across 86 lenders or roughly thereabouts in Australia at the moment, there’s no way that one lender will say “Yeah look actually our rates or our situation is not going to benefit you, why don’t you go up the road to this other lender”. They’re just not going to do that.
So you need to have a good broker in your corner that’s going to give you the ability to look across the number to then short list it to the one that’s actually going to be suitable to you and you can chat to them about what your long-term outcome needs to be.