{"id":107953,"date":"2025-12-11T09:33:00","date_gmt":"2025-12-10T22:33:00","guid":{"rendered":"https:\/\/en.econostrum.info\/au\/?p=107953"},"modified":"2025-12-10T21:39:26","modified_gmt":"2025-12-10T10:39:26","slug":"call-could-save-thousands-on-mortgage","status":"publish","type":"post","link":"https:\/\/en.econostrum.info\/au\/call-could-save-thousands-on-mortgage\/","title":{"rendered":"This One Phone Call Could Save You Thousands on Your Mortgage"},"content":{"rendered":"\n

Buying a home is stressful enough without having to worry about skyrocketing mortgage repayments. But one Aussie first-home buyer found a simple way to save thousands\u2014by making a single phone call. Coran Mulcahy, a 28-year-old project manager from Melbourne, saved $58,000 on his mortgage just by asking his bank for a better interest rate.<\/p>\n\n\n\n

A Simple Request that Saved Thousands<\/h2>\n\n\n\n

Coran Mulcahy was feeling the weight of his mortgage after buying his first home\u2014a two-bedroom townhouse in Melbourne for $720,000. He had a $646,000 mortgage and was paying a 6.34% interest rate on his interest-only home loan. That meant a hefty $3,480 a month in repayments. But when he compared rates from other lenders, he found some offering interest rates as low as 5.83%. That\u2019s a pretty big difference\u20140.51%\u2014and Mulcahy knew it added up to serious money over the course of the loan.<\/p>\n\n\n\n

\u201cI thought it was worth calling my bank and asking for a better deal<\/em>,\u201d he said to Yahoo Finance<\/a>. So, he did. And after a one-hour phone call, Mulcahy negotiated a 0.3% interest rate cut. That small but mighty reduction lowered his monthly repayments by about $180. But the real win? That simple conversation is expected to save him around $58,000 over the life of the loan. Not bad for a 10-minute call, right?<\/p>\n\n\n\n

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Why You Shouldn\u2019t Be Afraid to Ask<\/h2>\n\n\n\n

Mulcahy\u2019s story is a great example of why it always pays to ask for what you want. Many Australians might shy away from negotiating with their banks, assuming they won\u2019t get anywhere or that the bank will reject them outright. But Coran\u2019s experience shows that\u2019s not always the case\u2014especially when you\u2019ve got a solid reason for asking. In his case, a big disparity between his rate and what other lenders were offering was a valid reason for asking for a reduction.<\/p>\n\n\n\n

It\u2019s a simple concept, but one that many homeowners overlook. Many banks are willing to negotiate\u2014if you ask. And when the RBA has kept interest rates on hold for some time, it can be a great opportunity to reach out and see if your bank will offer a better deal.<\/p>\n\n\n\n

Don\u2019t Wait for the RBA to Act<\/h2>\n\n\n\n

While the RBA<\/a> has kept the cash rate on hold at 3.6%, further rate cuts seem increasingly unlikely. So, now might be the perfect time to take matters into your own hands. If you\u2019re a homeowner, whether you\u2019re struggling with repayments or simply want to save some extra cash, don\u2019t wait for the next RBA decision. Be proactive\u2014reach out to your bank and ask for a better deal. You might be surprised at what a simple conversation can do.<\/p>\n\n\n\n

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Tuesday underway with RBA (Reserve Bank of Australia) holding their interest rate decision. No surprise on the decision itself with RBA holding rates at bay of 3.6%, which has been its level since August this year. https:\/\/t.co\/HfSyqg6DYR<\/a> pic.twitter.com\/7ey5PRtvr4<\/a><\/p>— Currencies 4 You (@CurrenciesForU) December 9, 2025<\/a><\/blockquote>