I'm an existing uHomLoan customer and recently noticed on their website that they have increased the discount from the 0.25% that I'm on to 0.33%
I have also noticed that loans.com.au have recently gone to 4.48% for new customers.
I only moved to uHomeLoan 1 year ago but the difference between 4.62% and 4.48% is huge (about $360 a year for me).
I tried asking uBank for the 0.33% but they said it's for new customers only.
Do you really need to move yearly to get the best deal on home loans or has anyone had any luck convincing their current bank to give them deals only open to new customers?
I think it's a really dodgey tactic to apply a "discounted rate" instead of just having an up front rate available for everyone that changes for the entire customer base. It's like insurance companies except it's much harder / more expensive to move with a loan.
You will get a 0.1 discount after 3 years, where as the new customers won't…. Still sucks. And I think you mean UBank.