Top Tips for Negotiating a Home Mortgage

Font size :
A recent report published on the ANZ website enumerates some of the top tips to keep in mind while negotiating a deal for your home mortgage. Negotiation is a skill, so it helps to know your position before going to the table with your potential lender. The report emphasizes that it is up to the home buyer to determine the “value for money” of the property you are buying, so this should give you an idea of how much give you have in negotiating your home mortgage.

It would also help to keep the following in mind:
  1. Auction contract terms are negotiable. They are not set in stone, so keep in mind what you want when considering loan periods, deposit amount, payment methods, and other conditions. The terms can be reviewed and negotiated before they are signed and exchanged at auction.
  2. Be open-minded about counter-offers. Not getting everything you want is the essence of compromise, so promise to consider any changes in the terms. Be mindful that the turf you are giving up may lead to more benefits than costs over the long term.
  3. Always be transparent. Trust is a key element in negotiations so it is always beneficial to be above board about all your declarations.
  4. Make sure you and your partner are on the same page about the property in question. If either of you has misgivings about the home or the mortgage conditions, it’s time to reconsider.
  5. Don’t hold back if you think it’s the right fit already. Be confident in going after what you want.
Remember though, that not all negotiations end in success, so if the current one falls through you can always find another mortgage to suit your specific requirements.
 

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

Mortgage News and Articles

How to tell when a housing market is cooling How to tell when a housing market is cooling

You need to check clearance rates, listings, and the price gap, among other factors Read more

Growing demand for green apartments in Sydney Growing demand for green apartments in Sydney Both owner-occupiers and investors favour eco-friendly buildings for their energy-saving features and reduced environmental footprint ... Read more

Are property investors as rich as they appear? Are property investors as rich as they appear? A multi-property portfolio doesn’t guarantee easy millions ... Read more

Be proactive about getting a better mortgage deal Be proactive about getting a better mortgage deal Apathy could be costing you a considerable amount of money over the lifespan of your loan ... Read more

More mortgage news and articles

Sponsored Links

Friday, Sep 22, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords