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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.
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.
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