Broker negotiating a better rate on your behalf

Mine once negotiated a better rate without my knowledge, as he was settling a loan.
I just got an email after, saying "Oh by the way, I managed to get another 0.1% off".

I was surprised, but happy.

Yep - should be standard practice when the client holds other loans with the same lender.

Cheers

Jamie
 
seeing you have launched that lure....................... : )


pls elaborate, because CBA is one of the lenders where the playing field on my experience is quite level.

ta

rolf

I have my business banking, credit cards, build/content insurance along with loans with CBA.
It is uncommon in your visit to CBA bank, the teller asks:
oh, you have a approval limit increase in your credit card, do you want me to do that?
oh, do you want content insurance etc. while getting quote for the insurance, then they ask about the loan, and the story flows.

I am under the impression that whether third party/broker channel or direct with a bank manager, the rate would same. I didn't want to provide many paperwork again just to find we're on the same offering.
 
I am under the impression that whether third party/broker channel or direct with a bank manager, the rate would same. I didn't want to provide many paperwork again just to find we're on the same offering.

It will all depend if your broker CBF actually putting through a pricing request to attempt to decrease your current borrowings, there was another thread were broker wasn't doing that. With CBA it's very easy so shouldn't be any reason no to. As above most brokers do this as standard procedure.

Broker & Banker with CBA will get the exact same rate.

Pending the manager / banker they should be able to provide you a more efficient service and know the CBA products and policy better then your broker.

There is no financial benefit at all for the Branch Manager or Banker to re-write your existing borrowings (well is slight increase in book size for the branch manager) but not worth the effort. The banker wont like doing this.
 
I put through a pricing to CBA using the pricing tool and due to the amount of discount requested went to manual assessment. Got declined due to no new borrowings. Tried again and accepted the auto generated offering and got accepted albeit at a lower discount. Client was over the moon.
 
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