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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the latest in equities, property investing and super.

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Steve Waters, director of Right Property Group, chats about the subdued April price growth and how prices are predicted to move for the remainder of the year.

RMIT’s senior lecturer of finance, Dr Angel Zhong, talks about the Biden climate summit and impacts on the Australian sharemarket, as well as the possibility of a carbon border tax and what it means.

And lastly, tax and super guru Timothy Munro gives his thoughts on the overhaul of the superannuation performance test and the upcoming budget.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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How to lower your interest rate even if the RBA doesn’t

By Cameron Micallef

February 04 2020
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Invest

How to lower your interest rate even if the RBA doesn’t

By Cameron Micallef
February 04 2020

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

By Cameron Micallef

February 04 2020
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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.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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