The unfortunate truth is that banks and other lenders often treat new customers better than they treat existing customers.

Whilst your loan may have been the best offer for you at the time, banks and other lenders often take advantage of existing customers – with their loan rates usually not as competitive as new loan rates. This could be costing you $1,000’s in extra interest unnecessarily each year and $10,000’s+ over the longer term.

This has been especially the case over the last 12-24 months with:

  • Big differences between the rates for new loans versus existing loans, and
  • Some lenders, such as the Commonwealth Bank and Westpac, increasing their rates markedly versus more competitive lenders.

 

What does this mean for you as a Doctor?

  • The interest rate on your home loan and/or investment property loan has likely increased recently – likely a few times and by up to 0.5-1.3% p.a.
  • Your loan rates are not likely to be competitive anymore – meaning you are paying $1,000’s extra interest each year unnecessarily.

The good news is that a Mortgage Broker who has Specialist Knowledge of Lending for Doctors can review your loan and should be able to arrange more competitive interest rates for you.

There are also lenders who are very keen for your loans – with some offering very competitive rates, plus $1,000+ cash and waiving of their usual loan fees if you decide to switch to them.

 

What should Doctors do?

The first step is to contact us and arrange a complimentary no-obligation check of your loans.

We will check the competitiveness of your loans, including both the structure and interest rates, to confirm if its the best possible deal for you.

Reviews can be done very quickly, and all it takes is a quick phone call or email to us.  We will take care of the rest.

Remember that doing reviews like this right now can avoid $1,000’s or even $10,000’s of your hard-earned money being wasted on unnecessary interest.

Your lender certainly doesn’t want you to review your loans!

 

If you are looking at buying a property, Doctors Wealth Property can also assist you:

  • Access the best lending offers from over 30 lenders, including the special lending offers for Doctors,
  • Negotiate the best interest rates on your behalf,
  • Take advantage of simple-but-effective strategies to save you $1,000’s in interest per year and repay your loan faster with no extra effort from you,
  • Structure your loan best for you for tax purposes,
  • Make it as easy as possible to set up your new loan to save you time, money and headaches, and
  • Remove all the stress and hassle of finding the right property for you and negotiating the price, with our independent property buyers’ agent service.

Please contact us on Tel: (07) 3252 8810 or email: info@doctorswealth.com.au if you would like to review your loans, or are interested to explore how we can assist you.