For the fifth month in a row the Reserve Bank has lifted interest rates, taking the cash rate to 2.35%. Lenders have been passing on the increase to their customers but at the same time reducing their advertised rates. So, how do you get one of these cheaper rates?

Many banks have in recent weeks have announced cuts to their variable rates in tandem with across-the-board rate rises. More than twenty lenders including the majors have slashed variable rates – but there is a catch.

Whilst lenders are passing on the RBA increase to their customers; they are at the same time relaxing their rates for new business. This has flown under the radar somewhat as the media and news outlets have tended to shine a spotlight on the hikes only.

It is not only the small more obscure lenders that have announced cuts, but the major banks and high-profile lenders are hoping to entice new customers but offering sharper rates to acquire your business. NAB, CBA, ANZ, Westpac, Bankwest, ING, Macquarie, among others, all have announced acquisition rates on offer that may be more competitive than what existing customers  have access to.

If your lender is offering greater interest rate reductions to new customers, then it may be time to explore other options. A more competitive rate could be potentially enhanced by a rebate to win your business. Many lenders are offering great cash back incentives that more than cover the cost of moving your business across.

The first port of call should be contacting your Blackburne Mortgage Broker to see how your current rate and product stacks up in the market. It may be a case of your broker being able to secure some additional discount with your current lender, negating the need for a full refinance. Either way, an audit on your home loan products is now more than ever important as there are indicators suggesting more rises may be on the horizon.

Contact on the of the team today to find out how much you can save.