Bank fees. A necessary nuisance. Or are they?
Every day, thousands of Australians pay ongoing fees to their bank. Many people don’t realise that these fees don’t have to loom over your home loan. That it’s actually possible to get a home loan without the nasty fees attached.
So, why are you paying bank fees when you don’t have to?
Banks are Businesses,
When it comes down to it, banks are businesses. Their focus is as centred on their profit margins and bottom lines as any other major corporation. So, in an effort to increase their returns, banks have introduced monthly account fees on some home loans, as well as annual so-called “package” fees. These fees are often between $400 and $500 - a sizeable amount to someone already paying a mortgage. This added cost can make a significant impact on your day-to-day life, not to mention your stress levels.
Good home loan customers shouldn’t have to live with these monthly or annual drains on their purse strings.
In the past, avoiding these fees meant hard negotiations with lenders. However, the idea of negotiating with a bank is daunting, so people are often put off. These negotiations also take up a lot of time and effort, which can be very difficult to cope with if you have work or family commitments.
If good consumers had the time and inclination to negotiate hard enough with their bank, they would more than likely get their monthly or annual fees waived. Especially if they indicated a potential move to a different bank.
How Can You Avoid Bank Fees?
Negotiating with a bank isn’t everyone’s “cup of tea”. Many people just accept the fees applied by their bank and roll with the punches, but this doesn’t have to be the case.
We encourage you to explore your bank statement and see if there are any unwanted monthly or annual banking fees.
If you find that you are being charged an annual fee for your home loan, the Joust platform can help you to find a better option.
The Joust platform has been designed to improve your life as a home loan customer. By acting as a matchmaker between good quality consumers and lenders, we give you 100% of the power in selecting a better home loan rate. Setting up your profile only takes 3 minutes, and running a Joust is completely free. Even better, your personal information is kept confidential, so you won’t be harassed by salespeople.
With Joust, you can sit back in the comfort of your own home or on the train to work and watch as lenders compete for your home loan in real-time.
Joust is all about encouraging lenders to bid with their best home loan rates available. Through increasing competitive tension amongst many of Australia’s best lenders, you could receive a home loan interest rate bid that is significantly lower than your current loan rate.
Good consumers who use the Joust platform to have lenders bid live for their home loans are seeing offers from banks with no fees attached to them - and this is how it should be.
We believe that you don’t need to be paying bank fees to be entitled to good service or a good price on other products. You should be rewarded for your profile quality and with the help of the Joust platform, there’s no reason to settle for less.
By using Joust, you could be very pleasantly surprised. You may be able to put that $495 annual package fee straight back into your pocket.
You don't have to accept the bank’s argument that these fees are for a “package” of other services or discounts. Instead, you could get a better home loan interest rate with zero fees by doing a free Joust today.
Would you like to learn more about how Joust works? If so, you can explore more information here. Otherwise, if you’d like to learn from expert tips, how to avoid the pitfalls and read advice on how to get the best home loan rates, we have a free eBook “19 Secrets to Finding the Best Home Loan Rate” you can download at any time.