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Changing your everyday banking can save you money - Do you need to break up with your everyday bank?


During a loan process, clients often ask if they have to change their everyday banking when they refinance or take out a new loan with a new lender.

Usually, this is a easy no as some of the lower interest rates come from lenders who don't have everyday banking options as part of their service. They're just good at what they specialise in; loans.

But it should be a question that we ask ourselves every so often however we wouldn't suggest using your everyday banking needs as a home loan pre-requisite; as if you did, you be likely missing out on the best home loan deals BUT there are some gains to be had by looking at everyday banking options.

Think about it like this; choose the right home loan first (it's the one that will cost you the most in interest over 30 years) then secondly consider everyday banking.

It might feel like it's all too hard but you could be spending more money than you have to each month without realising it. There are many everyday banking options which have low (or no) fees.

Compare items like:

  • Monthly account fees

  • ATM or counter Withdrawal fees

  • EFTPOS fees

  • Online transaction fees and/or foreign transaction fees

  • Minimum deposit amounts

Some banks offer lower monthly fees or higher interest if you have a minimum amount added to each each month; you can get your pay paid into the account to cover this. Some ask for a minimum balance and this might suit too.

The Government's Money Smart site is also a great resource for more information about all sorts of banking. See it here.

Did you know that one in five mortgage customers have their loan with the same bank as they did as a child or the same financial institution as their parents!!! That's not how to save money. Here is where I've talked about this.

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