Use this script as a guide to renegotiate your home loan rate with your current lender.
✨ STAGE 1 - CALLING YOUR LENDER
- Hello, my name is [your name], how are you? …I’m doing great thanks!
- I’ve currently got a home loan with X.X% interest rate and I would love to have this rate reviewed
✅ SUCCESS SCRIPT
If they say ‘We’ve reviewed your loan and we can lower your rate to YY%’ and you’re happy with the rate
- Thank you so much, I really appreciate this rate reduction. Just to confirm, you’ll be offering me YY%?
- Yes, perfect! Can you please send me an email with what we discussed so I have a copy of it?
- (Optional) If you also wish to lower your monthly repayments: Can you please reduce my monthly repayments in line with my new interest rate?
- Confirming again, that my new repayments of $X,XXX will begin on the [date]?
- Great! Please include this in the email as well. Thank you again for your help today!
❌ KEEP TRYING SCRIPT
If they say ‘We’ve reviewed your loan and we can lower your rate to YY%’ but you want a lower rate
- Thank you, I really appreciate this reviewed rate, however, I’ve been offered Z.Z% if I refinance with another lender. Are you able to match this rate?
If they say ‘Sorry, this is the best rate we can offer you at the moment’
- I’ve been a customer at [bank] for X years now and I would love to remain a customer, however, I’ve been offered Z.Z% if I refinance with [other lender]. Are you able to match this rate?
✨ STAGE 2 - CLOSING THE DEAL
If they say ‘I’ve spoken to the customer retention team, and we can match the Z.Z% rate’
- Thank you so much, I really appreciate you matching this rate.
- Follow the success script above
If they say ‘Sorry, I’ve spoken to the customer retention team and we can’t match the Z.Z% rate…but we can offer you R.R% instead’
- Thanks for checking! I appreciate the rate reduction.
- Follow the success script above
💡Pro Tip: You can still enjoy a slightly lower rate while working on refinancing behind the scenes!
If they say ‘Sorry, I’ve spoken to the customer retention team and we can’t match the Z.Z% rate’
- That’s okay, thanks for checking! I want to let you know that I’ll be refinancing with [other lender] over the coming days as they are able to offer me a better rate.
- This is the last chance to see if they’ll change their mind
💡Pro Tip: If you’re considering refinancing your mortgage, now is a good opportunity to ask any questions you might have about that process.
