LOYAL home loan customers are missing out on cut-price deals being offered to new customers if they sign up.

Multiple home loan lenders have rolled out falling rate deals already this year – Suncorp and AMP are among those who have dropped their rate deals on both fixed and variable home loan products, new analysis by financial comparison RateCity shows.

But the findings show many of the deals are for new borrowers only and are not being offered to a lenders’ existing customer base.

RateCity spokeswoman Sally Tindall said it was great to already see new discounted home loan deals creeping onto the market this year but loyal customers were being left out.

‘Special introductory offers and new low-rate products are designed as a marketing tool to attract new customers, not retain existing ones,” she said.

‘It can feel like a slap in the face for loyal customers but that doesn’t mean you have to just cop it.

‘If you are a long-serving customer, find out what rate your bank is offering new customers, because if it’s different you’ve just got yourself a bargaining chip.’

According to RateCity data Suncorp dropped their three-year fixed owner occupier package deal by 20 basis points to 4.29 per cent but the deal is only available to new borrowers.

New figures show on a standard $300,000 30-year home loan the average standard variable rate is 4.64 per cent and the monthly repayments are $1546.

On an average, three-year fixed rate are 4.39 per cent and the monthly repayments are $1501.

1300homeloan director John Kolenda expects borrowers to enjoying more rate drops this year and forecasts the Reserve Bank of Australia will lower the cash rate from two per cent in the coming months.

‘We might see the cash rate reduce because of all the headwinds which includes in China and stockmarket,” he said.

‘I think we are likely to see a cut in the first quarter of this year or definitely in the second quarter.’

The RBA board meets in February for the first time this year in 2016.

St George senior economist Hans Kunnen said the falling rates signalled ‘competition and the hunt for market share’ by lenders but said the low rates won’t last forever.

‘People might start talking about the possibility of a rate hike towards the end of the year and that could spook people,” he said.

Posted by Sophie Elsworth – The Daily Telegraph on 17th January, 2016