Financial educator’s advice on how to reduce your home payment by up to $7000 in 2023

Mortgage holders are still having trouble as a result of the eight consecutive increases in the cash rate that began in 2022.

However, a financial expert thinks there may be a method for some homeowners to avoid paying thousands of dollars in interest.

When prompted, according to author and financial educator Nicole Pedersen-McKinnon, banks may present a competing offer.

She claims that many companies provide new clients discounts, giving them the chance to compare prices.

Pedersen-McKinnon stated on Sunrise that “it’s depending on loan size, loan percentage, and even by location.”

For homeowner occupiers who were new clients and owned at least 30% of their home, the Commonwealth Bank reduced its basic rate by 0.07 percent.

It comes after ANZ earlier this month lowered its rate for new customers to 4.59 percent.

The first thing you should do, according to Pedersen-McKinnon, is visit your current bank and say, “Hey, I’m a devoted customer, share the love.”