Negotiating NAB's Choice Package
- Thread starter Tim
- Start date
I know that some of NAB Mobile Lending Managers have the ability to discount rates further on the choice packages.
Hi
I have such a package and have recently negotiated with the NAB and found that although they were a little reluctant to do so, at first, they came to the party quite quickly enough.
I merely presented them with information from their competitors and asked politely for them to consider reviewing the rates I was on.
Good luck & please let us know how you get on
Dale
I have such a package and have recently negotiated with the NAB and found that although they were a little reluctant to do so, at first, they came to the party quite quickly enough.
I merely presented them with information from their competitors and asked politely for them to consider reviewing the rates I was on.
Good luck & please let us know how you get on
Dale
Hi,
I also have a Choice package with NAB and was able to obtain a further discount over and above the standard Choice package discount.
However I have found that it can be difficult at times to find a good Personal Banker at NAB who will go that extra mile to get a good deal for you. The personal banker we have now is excellent and will always do his best to look after his clients. But of course as Dale suggests do a little research and get NAB to better or at least match the best deal you can find elsewhere. Despite the great relationship we have with our NAB banker I still do this to keep him on his toes
If you are interested his details are:
Chris Naughton
[email protected]
Ph: 03 9864 2421
He is still worth considering even if you are not in Melbourne. We aren't and between the phone, fax, email and Express post nothing is a hassle.
Also bear in mind that NAB is a very Trust (Disc & Hybrid etc) friendly bank compared to many others. So if NAB will match but not better a competitor it is worth taking into account these types of issues when comparing them with other banks.
Cheers - Gordon A
I also have a Choice package with NAB and was able to obtain a further discount over and above the standard Choice package discount.
However I have found that it can be difficult at times to find a good Personal Banker at NAB who will go that extra mile to get a good deal for you. The personal banker we have now is excellent and will always do his best to look after his clients. But of course as Dale suggests do a little research and get NAB to better or at least match the best deal you can find elsewhere. Despite the great relationship we have with our NAB banker I still do this to keep him on his toes
If you are interested his details are:
Chris Naughton
[email protected]
Ph: 03 9864 2421
He is still worth considering even if you are not in Melbourne. We aren't and between the phone, fax, email and Express post nothing is a hassle.
Also bear in mind that NAB is a very Trust (Disc & Hybrid etc) friendly bank compared to many others. So if NAB will match but not better a competitor it is worth taking into account these types of issues when comparing them with other banks.
Cheers - Gordon A
Hiya
You have given your self the best chance of doing $ deals with any bank if you have avoided xcoll issues and other TFYP such as RMD's and Fixed and Floating Charges, which are seemingly a first line of defence for NAB, and some other lenders
As Gorodn says, the NAB is one of the most flexible in structure, so that does provide an issue, however dont expect LOC rates in the 6.30, though the Base Variable loan can be played with where they knwo they will lose the business.
For ALL lenders its a fine line between making a reasonable ROI or just letting the business go.
At 1 mill, most lenders will go to a 6.37 with ease (in fact STG will do that at 250 k in its non core markets - say QLD or Vic), Suncorp 300 k.
There is a little moement below these rates, but ROIs with most lenders fall to below 20 % below the 6.37 s and it con be done, just depends.
My exp with the NAB is their base rate product is expensive and is easlit reduced to 6.40 or less where there is a volume of standard security business.
Ta
rolf
You have given your self the best chance of doing $ deals with any bank if you have avoided xcoll issues and other TFYP such as RMD's and Fixed and Floating Charges, which are seemingly a first line of defence for NAB, and some other lenders
As Gorodn says, the NAB is one of the most flexible in structure, so that does provide an issue, however dont expect LOC rates in the 6.30, though the Base Variable loan can be played with where they knwo they will lose the business.
For ALL lenders its a fine line between making a reasonable ROI or just letting the business go.
At 1 mill, most lenders will go to a 6.37 with ease (in fact STG will do that at 250 k in its non core markets - say QLD or Vic), Suncorp 300 k.
There is a little moement below these rates, but ROIs with most lenders fall to below 20 % below the 6.37 s and it con be done, just depends.
My exp with the NAB is their base rate product is expensive and is easlit reduced to 6.40 or less where there is a volume of standard security business.
Ta
rolf
Thanks all,
there are some great responses here. The only reason NAB are lending me more money to make up $1M is because I got to the point where another lender had approved a lo doc loan, which meant taking all my business from NAB and adding another $259k. NAB's business centre got hold of this and finally came to the party and said "ok ok well, we now will lend you the extra $250k so we don't lose $1m of business from you".
So I did not negotiate a discount, partly because I had various fixed loans already with NAB, and the remaining $250k was in the form of LoC. My servicability being what it is (RL may remember this...) I was just glad they came to the party in the end and meant I did not have to pay an extra 1% with the LoDoc lender... I just didn't feel in a strong negotiating position and just wanted to get the loan "no questions asked". (after all they had already knocked my back twice before at the retail level!)
I am however now negotiating on some break free costs for a couple of loans, so I wil see how that goes...
Cheers,
Tim
there are some great responses here. The only reason NAB are lending me more money to make up $1M is because I got to the point where another lender had approved a lo doc loan, which meant taking all my business from NAB and adding another $259k. NAB's business centre got hold of this and finally came to the party and said "ok ok well, we now will lend you the extra $250k so we don't lose $1m of business from you".
So I did not negotiate a discount, partly because I had various fixed loans already with NAB, and the remaining $250k was in the form of LoC. My servicability being what it is (RL may remember this...) I was just glad they came to the party in the end and meant I did not have to pay an extra 1% with the LoDoc lender... I just didn't feel in a strong negotiating position and just wanted to get the loan "no questions asked". (after all they had already knocked my back twice before at the retail level!)
I am however now negotiating on some break free costs for a couple of loans, so I wil see how that goes...
Cheers,
Tim
Hmmm, my recent experience with NAB was not so flexible. They wanted to refinance most loans in one big package, that's ok, but to same loan amounts as with my existing lendors... and then at P/I . It got better, their P/I rate was 6.57, but the I/O rate was 7.07. I asked Mr NAB why would I move 5 loans to get the same financed amount but at a higher rate? I suggested that at the least the I/O rate should match P/I. He hasn't got back to me yet.
and then at P/I . It got better, their P/I rate was 6.57, but the I/O rate was 7.07. I asked Mr NAB why would I move 5 loans to get the same financed amount but at a higher rate? I suggested that at the least the I/O rate should match P/I. He hasn't got back to me yet.Hiya Many
You could look at some other lenders like STG or Suncorp for example who actually might want your business.
Ta
rolf
You could look at some other lenders like STG or Suncorp for example who actually might want your business.
Ta
rolf
Hi all
Just shows that they can if they want to. I certainly haven't found the flexibility.
I have found the PB is the stone wall. If i wanted to go over the PBs head who/where does one go. The PB is adamant they have spoken to and done all they could. Anyways they are going to lose part of my business because of inflexibility.
The PB was quite direct we do not negotiate on our interest rates but we can waive the choice package fee.
It seems different strokes for different folks.
Cheers
BC
Just shows that they can if they want to. I certainly haven't found the flexibility.
I have found the PB is the stone wall. If i wanted to go over the PBs head who/where does one go. The PB is adamant they have spoken to and done all they could. Anyways they are going to lose part of my business because of inflexibility.
The PB was quite direct we do not negotiate on our interest rates but we can waive the choice package fee.
It seems different strokes for different folks.
Cheers
BC
maniyak said:Hmmm, my recent experience with NAB was not so flexible. They wanted to refinance most loans in one big package, that's ok, but to same loan amounts as with my existing lendors...
Gday Maniyak,
ive just settled on a loan with nab , Base variable rate I/O loan for $180 k @ 6.57 % , they didnt want to know me but a broker got it through.
l have found them very inconsistant over the years , it seems some bankers know /work the system better than others.
regards Mitch
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