{"id":4309,"date":"2015-05-04T01:00:55","date_gmt":"2015-05-03T15:00:55","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=4309"},"modified":"2015-05-04T01:00:55","modified_gmt":"2015-05-03T15:00:55","slug":"the-best-ways-to-deal-with-the-banks","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/the-best-ways-to-deal-with-the-banks\/","title":{"rendered":"The best ways to deal with the banks"},"content":{"rendered":"

 
\nIn today’s show Andrew Mirams<\/a>,<\/b> from Intuitive Finance, tells us some of his tips for dealing with the banks.
\n <\/p>\n

Transcript:<\/h4>\n

Kevin:\u00a0 <\/b>I received an interesting e-mail from Stephen, who writes about the session I did recently with Andrew Mirams from Intuitive Finance talking about mortgage broking. What he asks in the question \u2013 and Stephen, thank you for that \u2013 is he just wants to know some tips on what Andrew thinks about the best ways to deal with the banks.
\nAndrew joins me. Good day, Andrew. How are you doing?
\nAndrew:\u00a0 <\/b>I\u2019m going well, Kevin. How are you?
\nKevin:\u00a0 <\/b>Do you have any advice there for Stephen and anyone else who may be thinking about the same subject?
\nAndrew:\u00a0 <\/b>It\u2019s really interesting. If you just keep it in the broader context of tips for dealing with your banks, it probably depends what you\u2019re doing with them about \u2013 if it\u2019s opening an account or getting your Internet banking set up or getting a credit card or actually then going in and asking for a loan. We could probably allow the context of that to run off in a whole different range of ways, but let\u2019s keep it in the area of expertise and in the lending side.
\nKevin:\u00a0 <\/b>I think that\u2019s pretty much where Stephen was talking. It\u2019s a truncated e-mail, but he does actually say he\u2019s looking at talking to the bank about future financing. What would be your advice to him?
\nAndrew:\u00a0 <\/b>My first tip would be to seek independent advice, and that would be to find a good mortgage broker. Obviously, we\u2019d love to help Stephen here at Intuitive Finance. But going in and dealing directly with the banks, often their primary goal will be selling them what they think is the best. They don\u2019t have the range of options as mortgage brokers do.
\nIf you know specifically what you want, etc., then you have to go in and be very open and honest with them. But it depends. If you\u2019re really just shopping around, then I wouldn\u2019t go into just one bank and say, \u201cThis is what I want\u201d and \u201cYes, I\u2019m happy with that.\u201d
\nKevin:\u00a0 <\/b>I guess it\u2019s a key point not to rely on just dealing with the one bank. Shop around at several. This is probably the reason why brokers have become so popular, because you guys actually don\u2019t need to talk to the bank managers because you know what the current deals are.
\nAndrew:\u00a0 <\/b>Absolutely, yes. Brokers now are representing more than 50% of mortgages across Australia, and for some of the banks, that\u2019s even a higher figure. We\u2019re experts in that field. We can generally ascertain what our client\u2019s needs are first and then match them to the right bank and the right product.
\nWhen you go and you talk about tips on dealing with the bank, often people go in and they don\u2019t know, they rely on the bank manager, and bank managers have a wide range of experience \u2013 from a first-timer who might be someone out of university to your long-term banker. It really depends on the relationship you have and the advice you\u2019re getting as to what you\u2019re going to get, whereas a broker will generally be an expert in their field and know exactly how to match the client\u2019s requirements with the end outcome.
\nKevin:\u00a0 <\/b>If I have a good relationship with my bank manager and I\u2019ve spoken to him and I believe I\u2019ve driven the deal as far as I possibly can, is that a good point to still consult a broker and say, \u201cThis is what I\u2019ve done. Is it a good deal?\u201d \u2013 in other words, getting almost a third person\u2019s input into the deal.
\nAndrew:\u00a0 <\/b>Absolutely. Banking and finance is all about relationships, because at the end of the day, all the lenders are selling basically the same thing. They all do things a little bit differently, they all have features and niches that they all do, but in broad terms, they\u2019re all doing the same thing. They\u2019re looking to lend money.
\nIf you have a great relationship with a manager in a bank, we often will say, \u201cWe don\u2019t want to step on the toes there. Make sure you do that.\u201d But I\u2019m happy as a third party just to come in and say, \u201cYes, that\u2019s a really good deal,\u201d or \u201cI think they can do a little bit better,\u201d or \u201cLast week, we got a better deal so go back and see if they\u2019re willing to do that,\u201d etc., and give them some advice.
\nIf then the manager is not willing to do that, that\u2019s when the ball comes back into our court and we can show the client how we can do it maybe better, maybe cheaper, maybe with access to more funds, depending on what their requirements actually are.
\nKevin:\u00a0 <\/b>Do the banks actually like having a broker in the middle of the deal? Obviously, this has been the trend. You said over 50% of loans are now done through brokers. The banks are obviously encouraging that?
\nAndrew:\u00a0 <\/b>Yes, absolutely, because it\u2019s cheaper for them to pay a third party \u2013 as in a mortgage broker \u2013 a commission rather than have to have all the infrastructure in place with a branch network and paying wages and things like that.
\nThe approval rate is very strong with the mortgage broking industry. The loan reuse <\/b>rate is very low in comparison to what the banks do in general themselves directly. The banks recognize that brokers are professionals in their field and are able to present deals in a much better fashion that gets a higher approval rate and a much lower reuse rate.
\nYes, banks really enjoy dealing with brokers. But that\u2019s not to say all the managers and branches \u2013 because they have their own sales targets \u2013 enjoy it as much as the actual CEOs might, but yes, as a rule, banks like dealing with brokers.
\nKevin:\u00a0 <\/b>Stephen, I want to thank you for sending the e-mail into us. It\u2019s a good question. It was great to have it on the table, and it was good for Andrew to address it so directly, too.
\nAndrew, thanks for your time. Andrew Mirams, of course, is from Intuitive Finance. You can find them through our website on the homepage. They are one of our supporters, and we thank them for that. Andrew, we\u2019ll talk to you again soon.
\nAndrew:\u00a0 <\/b>Thanks, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

  In today’s show Andrew Mirams, from Intuitive Finance, tells us some of his tips for dealing with the banks.   Transcript: Kevin:\u00a0 I received an interesting e-mail from Stephen, who writes about the session I did recently with Andrew Mirams from Intuitive Finance talking…<\/p>\n","protected":false},"author":176692471,"featured_media":4311,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,25],"tags":[101],"class_list":["post-4309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-sponsored-channels","tag-podcast"],"yoast_head":"\nThe best ways to deal with the banks - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/the-best-ways-to-deal-with-the-banks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The best ways to deal with the banks - 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