Invest
How to lower your interest rate even if the RBA doesn’t
With the Reserve Bank of Australia announcing its decision on whether to change or hold interest rates, mortgagors are being advised they can get a better rate regardless of today’s decision.
How to lower your interest rate even if the RBA doesn’t
With the Reserve Bank of Australia announcing its decision on whether to change or hold interest rates, mortgagors are being advised they can get a better rate regardless of today’s decision.

According to MyCRA Lawyers, banks and other lenders are using comprehensive credit reporting (CCR) to charge investors a higher rate of interest.
MyCRA Lawyers CEO Graham Doessel said mortgage holders who have paid bills late are having marks against them, which allows the banks to charge them more.
MyCRA Lawyers explained every time a bill is paid 14 days or more late, it’s recorded with a mark ranging from 1 (if the bill is 14-30 days late) to 5 (if the bill is five months late) with anything over six months being marked as an X on your credit report.
“Just a 1 on your file will be enough for a bank offering the best rates to ratchet up their interest or reject you and force you to go see a second-tier lender, and trust me you don’t want to go there,” Mr Doessel said.

If your credit rating is bad or less than perfect and you have got some enquiries on your file, the bank may use this to up your interest.
Mr Doessel suggested that, in most cases, these can be removed due to a credit provider needing your permission, which could have been given when agreeing to the terms and conditions on their website.
“The savings can be huge, depending on the size of your loan, we are talking tens of thousands of dollars a year, and over the life of a loan the savings can go into the hundreds of thousands of dollars,” Mr Doessel said.
Mr Doessel said the easiest way to clean up a comprehensive credit report was to pay bills on time, don’t default on loans and, most importantly, don’t shop around for credit by entering details and seeing if you are approved.
“You can get a list of the best lenders from a host of websites whether it’s home loans, credit cards, personal loans or buy now, pay later services. You don’t need to give them your details until you are ready to move forward with a purchase,” Mr Doessel concluded.
About the author

About the author


Property
North platform adds household reporting feature to boost adviser efficiency
AMP's North platform has launched consolidated household reporting across multiple client accounts, helping financial advisers streamline their client review processes. Read more

Property
What Adds The Most Value To Properties?
Wondering how to up the value of your property? Properties are worth a lot of money in general, but there’s always a way to maximise value. The good news is that most of the things you can do to ...Read more

Property
Centuria reports strong growth in alternative real estate sectors for FY24
Centuria Capital Group has reported significant growth in alternative real estate sectors for the 2024 financial year, driving stable performance and increased guidance for FY25. Read more

Property
How to leverage equity in your home for investment or renovation
Home equity, the value of your property minus any debts owed, is a powerful financial resource many homeowners in Australia can utilize to further their financial goals. Whether you're looking to ...Read more

Property
Exploring REITs: Real estate investment without buying property
Real Estate Investment Trusts (REITs) offer a compelling investment alternative for those interested in the real estate market but may not want to endure the complexities and capital requirements of ...Read more

Property
Retirement communities: a pivotal element in meeting Australia's housing targets
The Retirement Living Council (RLC) has recommended that retirement communities should be considered a vital part in the Australian Government's initiative to fulfill the Housing Australia Future Fund ...Read more

Property
Australians adjust financial strategies amid changing property market dynamics
The 2023 calendar year saw Australian borrowers acquiring a total of $300.9 billion in new loans for property purchases, marking a 12.7% decrease from the previous year. Read more

Property
Split home loans unlocking doors for Aussie buyers
Australians are teaming up to dive into the real estate market and seize the advantages of home ownership, with the trend of split home loans surging as family and friends unite to buy properties ...Read more

Property
North platform adds household reporting feature to boost adviser efficiency
AMP's North platform has launched consolidated household reporting across multiple client accounts, helping financial advisers streamline their client review processes. Read more

Property
What Adds The Most Value To Properties?
Wondering how to up the value of your property? Properties are worth a lot of money in general, but there’s always a way to maximise value. The good news is that most of the things you can do to ...Read more

Property
Centuria reports strong growth in alternative real estate sectors for FY24
Centuria Capital Group has reported significant growth in alternative real estate sectors for the 2024 financial year, driving stable performance and increased guidance for FY25. Read more

Property
How to leverage equity in your home for investment or renovation
Home equity, the value of your property minus any debts owed, is a powerful financial resource many homeowners in Australia can utilize to further their financial goals. Whether you're looking to ...Read more

Property
Exploring REITs: Real estate investment without buying property
Real Estate Investment Trusts (REITs) offer a compelling investment alternative for those interested in the real estate market but may not want to endure the complexities and capital requirements of ...Read more

Property
Retirement communities: a pivotal element in meeting Australia's housing targets
The Retirement Living Council (RLC) has recommended that retirement communities should be considered a vital part in the Australian Government's initiative to fulfill the Housing Australia Future Fund ...Read more

Property
Australians adjust financial strategies amid changing property market dynamics
The 2023 calendar year saw Australian borrowers acquiring a total of $300.9 billion in new loans for property purchases, marking a 12.7% decrease from the previous year. Read more

Property
Split home loans unlocking doors for Aussie buyers
Australians are teaming up to dive into the real estate market and seize the advantages of home ownership, with the trend of split home loans surging as family and friends unite to buy properties ...Read more