I am in Melbourne, suffering in lockdown, and I want a haircut.

Approaching the 6 month point of a new loan.

Is it worth a phone call to the bank seeking a 0.1% haircut.

Hairdressers in Melbourne are all closed, so the only organisations I can approach to take a haircut are the banks.

Some questions for the brokers out there:

1) Is 6 months the right time? My experience is that banks will not look and adjust the loan unless >6 months.

2) In the current COVID era, are banks more willing to give a haircut? (or less willing).

3) Does being on a 3 year fixed rate prevent you getting a haircut? Assume you don’t need to break and refix.

Loan is in good order, low LVR (<50%), P&I, OO, multiple millions.

Would be happy with 0.1% off.

 

I'd be tempted to grow a mullet.

But seriously, grow a mullet, no I mean what I'd be doing is doing my numbers and shopping around. Some banks are offering cash back on refinance. But the numbers would have to stack up ie will I be in front?