Ouch. Rejection hurts – whether from a potential romantic partner – or from a bank.
On St Valentine’s Day, Aviser Finance want you to know that rejection doesn’t mean the end of romance (or the end of your property ownership aspirations, as the case might be). Before rejection ensues, make sure to read Martin Ryan’s new blog – helping you to identify when your bank just isn’t that into you. Aviser Finance will help you avoid the heartache, and pair you with the perfect lender. And we’ve also got a woo-worthy suggestion from our favorite local florist – Jess from Ivy and Eve – for a bouquet to charm your sweetheart (or broker). “Our suggestion are hydrangeas, orchids, dahlias and anything else grown locally – or red roses for the traditionalists!”
Does being in a long-term relationship with your significant other (bank) guarantee their loyalty and support in the years to come? Are ‘brownie points’ ever relevant to a bank?
Martin: Making money from lending money is all about how well you manage the risk of your customers not being able to pay you back. As a bank, the more information you have on your customers, the easier it is to manage that risk. Some lenders will reward current clients by taking on new lending with competitive offers, however, these offers are not made on the basis of ‘brownie points’. They’re made on the basis of the information they have available or how the client presents to them and what they are ‘into’ right now as lenders.
An example relevant to the current Australian economy is investment lending. Many banks are getting shy with their investment lending – they are ‘not so into’ this right now. If you suspect your banking partner may be becoming a little complacent, then it is a good idea to see what else is out there. The worst thing that might happen is that your current banking partner lifts their game – however frequently they don’t lift it to the level of your other finance suitors, and you might deem their change of heart too little, too late to save the relationship. As with most relationships, your banking partner is most attentive to your needs early on. It’s our job as brokers to ensure you get the attention and the quality relationship you deserve.
What’s a sure-fire sign that your banking institution might not be that into you?
Martin: They take a long time to respond to requests or are difficult to communicate with. Alternately, their pricing is starting with a digit different to their advertised figures.
How can you cosy up to your bank if you’re looking to buy an investment property?
Martin: Be prepared and dress to impress. Just as you might put your best into preparing for date night with an important partner, you want to look at your absolute financial best when romancing your bank! Part of this schmoozing may entail finding out what they like and what they have an appetite for – so as a lender, you can appear additionally attractive to them. At Aviser Finance, it’s our role to let you know which lenders will find you most attractive – before assisting you on the best way to present yourself. Just call us your financial matchmaker! A good place to start is by gathering documents to verify your income and identity – and working with a broker to sort the solid partners from the Casanovas!