When is the last time you’ve looked at your bank statement, to see what the Bank is charging you? Here’s an interesting email that we received, that could save you thousands of dollars!
“I was doing a study the other day on 2 of my properties that are with a certain finance lender, and they were based on a 6.94%.
“So I rang the branch manager and asked him what was the best interst rate he could give me because other banks were doing much better for their clients.
“So he straight away got back to me and said that he could reduce my rate to 6.64%.”
On the surface, it doesn’t look much, but that’s an instant saving of $1,110 per year which is $21 a week. It’s money better off in your pocket than the banks!
This person then negotiated with the bank manager and got himself an even better deal!
If you’ve got a loan, why don’t you do some homework and find out what’s the best deal the same bank is giving and what are the best deals other banks have.
Just make sure the costs involved make it worthwhile! Sometimes the exit costs negate any advantage of moving to another bank.
Now if your in this position that you cannot move to another bank, go and see someone that has some authority at the bank and show them what their competition is giving their clients and would they do the same.
Back in the olden days, banks controlled the public but now we can control the bank to a certain limit, so why not use it to your advantage.
Next BAS due
