The 20-Minute Call That Could Save You $5,000
The 20-Minute Call That Could Save You $5,000
Ever feel like your bank isn’t giving you the best deal?
You might be paying thousands more than you need to on your home loan.
Most people don’t realise their interest rate is higher than it should be.
And guess what?
Banks rarely call to offer you a discount—you have to ask.
A client of ours recently realised their home loan rate hadn’t budged in years.
After seeing other lenders offering much lower rates, we told them to call their bank armed with some comparison rates.
At first, the bank offered a tiny discount—but after pushing a little harder, they walked away with a 1.1% rate reduction, saving them $5,000 per year on a $670,000 loan. All from a 20-minute phone call.
Want the same result?
Here’s your script:
📞 You: "Hi, I’ve been with you for X years, but I just realised rates have dropped. My current home loan rate is ___%, and I’ve seen other lenders offering ____%, which is a full ____% cheaper than what I have with you. I’d like to give you the opportunity to match or beat that rate before I switch. Can you offer a better rate?"
🏦 Bank Rep: “Let me check… we can offer a discount of ____% off your loan.”
🤔 You: "Thanks, but that’s not enough for me to stay. I already have conditional approval elsewhere. I’d need at least a ____% discount to consider staying. Can you check with your supervisor?"
⏳ (Hold music plays… 🕰️)
💰 Bank Rep: “Good news! We can offer a 1.1% discount, reducing your rate from ____% to ____%.”
🎉 You: "Perfect! Please send me an email confirming the new rate and apply it as of tomorrow."
The Lesson:
✅ You have to ask. Banks won’t offer unless you push.
✅ There’s always more room to negotiate. The first offer is rarely their best.
✅ A short call can mean BIG savings. Even a small rate cut adds up fast.
Want to see if you’re overpaying?
Message us with your current home loan rate, and we’ll fire back some comparison rates to see if you can save more!
Your bank won’t tell you if you’re paying too much—but we will.
This blog contains information that is general in nature. It does not constitute financial or taxation advice. The information does not take into account your objectives, needs and circumstances. We recommend that you obtain investment and taxation advice specific to your investment objectives, financial situation and particular needs before making any investment decision or acting on any of the information contained in this document. Subject to law, Cobalt Advisers Pty Ltd nor their directors, employees or authorised representatives, do not give any representation or warranty as to the reliability, accuracy or completeness of the information; or accepts any responsibility for any person acting, or refraining from acting, on the basis of the information contained in this document.
