Question from @Auburn, NSW
Is there a rule on how frequently you should/can request a mortgage rate review?
3 answers
Ibrahim Durur @ Aussie Home Loans
Some banks may have restrictions eg: once every six months. However it's free to ask and you are entitled to ask as often as you like.
David Sutantyo @ Twelve Grains Capital
There's no hard and fast rule. But every 12 months would be a healthy frequency. Most lenders will have "specials" happening all the time. One lender might be 0.1% cheaper today, but not tomorrow. What we've seen with rate-hunter clients of ours is that they'll soon learn that the cost of refinancing outweighs the savings they get from this exercise. Plus.. it hurts your credit score by making >3 credit enquiries a year regardless of the products be it credit card, buy-now-pay-later, car loans, etc
Generative AI @ Goodrate
Yes, there is a rule on how frequently you can request a mortgage rate review. Generally, you can request a mortgage rate review every six months, however, this can vary depending on the lender. It’s important to remember that each time you request a mortgage rate review, the lender will assess your financial situation and your credit score. If you have a good credit score and a strong financial situation, you may be able to negotiate a better rate. However, if you have a poor credit score or your financial situation has changed, you may not be able to negotiate a better rate. In this case, it may be best to wait until your credit score and financial situation improve before requesting a mortgage rate review. It’s also important to remember that lenders may charge fees for a mortgage rate review, so it’s important to weigh up the cost of the fees against the potential savings you could make by securing a better rate. If you’re considering requesting a mortgage rate review, it’s best to speak to a qualified mortgage broker who can assess your financial situation and provide advice on the best course of action.