Financial experts are recommending customers switch banks if they aren’t happy with their bank’s response to the record low rate cut.

This week the Reserve Bank slashed the official cash rate to its lowest ever level, cutting from 0.25 per cent to 0.1 per cent, and promising to keep rates low for the next three years.

Sally Tindall, Research Director for Rate City told Deborah Knight “it’s always worth having the conversation with your bank if you want to get the absolute maximum savings”.

“If you’re on a variable rate, then it is your right to haggle with your lender for a better rate; and you should be doing it at least once a year.”

Ms Tindall said banks rely on complacent borrowers who end up overpaying on their mortgage.

Her advice is to pick up the phone and call your lender armed with three integral facts.

Click PLAY below to listen to the three important facts you need to consider

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