Hi Brady
You're not going to convince any of the long term members to stay with one bank .
I know some one who lost everything after he had a disagreement with his new loans officer . Multi million dollar commercial portfolio. Had never missed a payment . Was asked to lower his LVR and about three years later he was bankrupt.
We have our loans speed through , CBA , Westpac ( st George ) and the latest one with NAB. Nothing X-collat
On the two occasions we have dealt with banks directly we have been stuffed around . We were told by one that in order to get a loan for a super IP we had to have a financial plan drawn up by their financial adviser . This is incorrect but we didn't find out until we had paid several thousand for something that was a waste of time and money. Then.. prior to settlement ( after the initial 90 day approval ) the bank told us they wouldn't lend us as much so we ended up with an LVR of 65 % ) .
We bought a property using our LOC and refinanced it with CBA . Very long drawn out process . documents lost . kept on wanting new information ... which they'd already been given . Drawn out long process . No one seemed to know what was going on . oh and this was going through a " relationship managers "
My experience with brokers has been completely the opposite . They know all about the various products available from the different banks and they listen to what we want .
They usually deal with one person ( or team ) at each bank and because they are dealing with the same person / team on an ongoing basis , the banks seem to listen to the brokers more than they listen to an individual as there is more at stake in terms of ongoing business I think this is the key issue as to why brokers seem to work better for many people here .
We have had relationship managers with all the banks we've dealt with and our experience with most is that it's a relatively low level within the bank heirachy and something that they do until they've worked out how to do it , then they move on .
Brandy , it sounds like you are the exception .
Cliff
You're not going to convince any of the long term members to stay with one bank .
I know some one who lost everything after he had a disagreement with his new loans officer . Multi million dollar commercial portfolio. Had never missed a payment . Was asked to lower his LVR and about three years later he was bankrupt.
We have our loans speed through , CBA , Westpac ( st George ) and the latest one with NAB. Nothing X-collat
On the two occasions we have dealt with banks directly we have been stuffed around . We were told by one that in order to get a loan for a super IP we had to have a financial plan drawn up by their financial adviser . This is incorrect but we didn't find out until we had paid several thousand for something that was a waste of time and money. Then.. prior to settlement ( after the initial 90 day approval ) the bank told us they wouldn't lend us as much so we ended up with an LVR of 65 % ) .
We bought a property using our LOC and refinanced it with CBA . Very long drawn out process . documents lost . kept on wanting new information ... which they'd already been given . Drawn out long process . No one seemed to know what was going on . oh and this was going through a " relationship managers "
My experience with brokers has been completely the opposite . They know all about the various products available from the different banks and they listen to what we want .
They usually deal with one person ( or team ) at each bank and because they are dealing with the same person / team on an ongoing basis , the banks seem to listen to the brokers more than they listen to an individual as there is more at stake in terms of ongoing business I think this is the key issue as to why brokers seem to work better for many people here .
We have had relationship managers with all the banks we've dealt with and our experience with most is that it's a relatively low level within the bank heirachy and something that they do until they've worked out how to do it , then they move on .
Brandy , it sounds like you are the exception .
Cliff