Finance

[WebBoard]

From: Mike .


BARGAIN WITH THE BANKS? - YES YOU CAN
From: JohnB
Date: 8/16/00
Time: 10:40:27 AM

I've just had an amazing experience.

I went to the bank with a view of extending my LOC limit enough to help pay a deposit on my 2nd IP. I fully intended to take out an IO loan with another mob, who gave me temporary approval. When the manager quized me on why I was extending the LOC limit I tried to evade the question and eventually told the truth.

The manager said give me a copy of your documents from the other mob and I'll see what I can do. Not only did they reduce loan costs by a substantial amount, the interest rate they gave me was a long long way below the other mob. The only decision I had was whether to fix it for 3 or 5 years.

I didn't know you had any type of bargaining power at all with the major banks but when they saw I was going somewhere else they came to the party very quickly.

By the way "Which Bank"?

I hope this helps others on this wonderful forum. Try it, you've got nothing to lose and a lot to gain.

 

[WebBoard]

The Kermut

Reply: 1
From: Mike .


Re: BARGAIN WITH THE BANKS? - YES YOU CAN
From: The Kermut
Date: 8/16/00
Time: 10:43:41 PM

JohnB, u might be able to help me email me on [email protected]

cya

 

[WebBoard]

Crystal

Reply: 1.1
From: Mike .


Re: BARGAIN WITH THE BANKS? - YES YOU CAN
From: Crystal
Date: 8/16/00
Time: 11:08:27 PM

Yes, you can, I did. After doing some research on interest rates, fees and charges, I rang several lenders. I asked questions and made sure that their product suited my needs. I then thanked them for their time and told them that...even though their product sounded great, I would have to go to Lender XYZ because they provided the same product with a lower interest rate. They would then offer to match or beat their competitor's interest rate and/or reduce fees/charges. Good Luck, Crystal

 

[WebBoard]

Gary

Reply: 1.1.1
From: Mike .


Re: BARGAIN WITH THE BANKS? - YES YOU CAN
From: Gary
Date: 8/17/00
Time: 12:13:35 AM

If you have a good relationship with your bank - meaning they make a lot of money out of you - then they are more than happy to put away their pre-packaged loan brochures and give you what you want.

Gary