Hi all,
I went with one of the four major banks for my recent loan and my friend who is an agent asked why I didn't go with CityBank or Bankwest as they have attractive rates. He basically said I got ripped off.
I said I prefer to go with the major banks; Bankwest for example for what I know in the past has a crazy termination fee if you decide to switch lenders, etc?
What are your thoughts on this? I heard in another thread here that it's not just the rate that counts, it's the overall package. I am assuming without doing my homework that the small lenders have bigger hidden fees and aren't as flexible down the track? Otherwise, why isn't everyone going for the smaller lenders with such low rates.
I went with one of the four major banks for my recent loan and my friend who is an agent asked why I didn't go with CityBank or Bankwest as they have attractive rates. He basically said I got ripped off.
I said I prefer to go with the major banks; Bankwest for example for what I know in the past has a crazy termination fee if you decide to switch lenders, etc?
What are your thoughts on this? I heard in another thread here that it's not just the rate that counts, it's the overall package. I am assuming without doing my homework that the small lenders have bigger hidden fees and aren't as flexible down the track? Otherwise, why isn't everyone going for the smaller lenders with such low rates.