Can I negotiate my mortgage if on fixed rate?

Hi All,

I am current part way through a 2 year fixed interest (3.83%) rate with ME Bank. They have lowered their rates now to 3.58%. I am wondering if and how I can negotiate on my mortgage to try and get the rate of 3.58%. Perhaps since I am on a fixed rate I may not be able to?

 

It's worth a phone call, generally though most lenders won't change your fixed rate once you're in it but the only way to know for sure is to give them a call and ask.
Pretty sure the 3.58% is for their 3 year fixed rate product, not the two so doubt you'll get them to match it.

 

Anything can be negotiated

 

You can break the fixed rate contract. Most likely they'll charge an exit fee.

Try to keep it in context. You're talking about a 0.3% difference. That's $300 per year for every $100,000 you've borrowed. You've got one year left on the fixed rate.

 

Great Analysis - @ Peter_Tersteeg.

 

Maybe im not enough of a big fish, or suck at negotiating but I've had no luck with getting better rates than the advertised ones.

Even getting any fees hasnt happened either

 

I didn't say it would be easy!

The bigger your loan is the more pull you have generally.

 

Even the bank rep who I asked to do the advertised rate was almost met by rolled eyes!

Surely I'm not that ugly

 

so far ive tried

anz $100kx3
NAB $150x3
Macquarie: $100k x 5
Westpac $100k x2
(figures are approximate)

anz waived the $300 odd transfer fee, because they lost my application 4 times in 6 weeks

 

You should be offering them more money!

 

thanls for feedback, I didnt think id be a big enough fish
part of dealing with being a slumlord

 

How would you feel if your bank wants to negotiate the rate on your fixed rate loan up when rates go up?

 

Billion dollar corporation vs a single person..

They'll make the negotiated rate up somewhere else...

 

Even if you’re partway into a fixed loan? Curious to know if any of your clients have had luck adjusting down a fixed rate without breaking out of the fixed period

 

many years ago I had a client who negotiated a reduced break cost.

 

I have a loan that was 90% LMI and is fixed for about 12-13 more months. It's on 4.77% due to the LMI but I was thinking to draw equity and split from my PPOR to bring it down to 80% and negotiate loans (either with existing lender or elsewhere).
I asked for the break costs to be calculated and what the indicative variable rate would be should I come off the fixed rate.
The CS rep said that they can only provide me with the variable rate once I proceed with the break cost. Is this normal? Considering I can't make an informed decision whether to break or not, only to find out that the variable rate could be worse or negligible only after the fact...