High-Income Earner? Don't get Caught in a Mortgage Trap.

Why as a smart professional you shouldn’t just “set and forget” your home loan.

Just because you’re earning well, doesn’t mean your mortgage is working well for you. Some of the most financially comfortable clients I've worked with were unknowingly overpaying by thousands each year...because they assumed their bank would look after them.

Have your cake - and eat it too.

I mean, they'd been faithful clients, at the same bank since their first account at school - loyalty goes both ways, right?

Wrong.

When it comes to banking, just because you're in the Private Clients section, and/or with a larger home loan, you probably assume with that personal service, that you're afforded the best product. But your rate might come with a premium fee - and maybe a couple of extra bips for luck (the bank's luck. Not yours).

Loyalty is a strange thing in banks. Having seen it first-hand on the banker side, loyalty and character of the client does indeed go a long way. But honestly? As a rule of thumb, the best rates are offered to new clients. They need to be won and put on a sweet honeymoon rate. But then, like too many marriages - complacency sets in on both sides. The bank loses that lean rate and fattens up; and you? You get caught up in life - career, kids, social life - and forget to keep an eye on the rate, and with it, your money.

My tip?

Obviously: call me as a first port of call to gauge where your rate sists in the market. If it's not terrible, my first suggestion is you (or I, with your permission) approach your bank asking for a sharper rate (trust me - when a broker asks...they listen). But if they don't come to the party, they've done their dash, and let's find something more appealing.

Not only will you be on your next (financial) honeymoon, but as your broker, I'll hold the bank to treating you with the attention you deserve. At Outrider, our clients' rates are reviewed several times a year - so you can focus on your life, relaxed in the knowledge that your loans are looked after.

If you're earning well, but haven't reviewed your rates in the last year, you're probably leaving money on the table. A quick chat can change this.

Let's make sure your finances reflect your success. Get in touch today.