Given the size of banks in Australia, and the reporting of large profits – many customers assume their value to a bank is low.
You could also be forgiven for assuming a new customer is more valuable given the great refinance offers that are regularly advertised.
However, existing customers are more valuable to their bank’s than they realise! And simply speaking, the longer you stay with your current bank the more valuable you become!
When a bank retains one of their customers, there are several benefits for the bank which makes you (as the customer) increasingly important. These benefits include:
So what does this mean for you?
As you can see, you are more valuable to your existing bank than you realise. Getting a better rate on your Home Loan doesn’t necessarily mean you have to refinance. You can contact your bank directly and request they improve your current home loan rate – but be aware, this can be a tricky process and you might not get the best outcome.
Craggle understands this and is here to help you navigate those tricky conversations. By signing up to Craggle’s platform (in as little as 3mins!), we can mediate the rate conversations with your current bank and other banks in the refinance market to ensure you are getting the fairest deal possible!
The Craggle Team