Everyone knows banks salivate over highly paid sought-after professionals, but it’s not just Doctors that get them all razzed up.
TV personalities, professional sportsmen and women, lawyers, accountants and a small handful of other professions make major banks go weak at the knees.
What’s all the fuss about?
In short, nothing.
A lot of the BS has to do with the perception that once a client of the major bank, the sought-after professional who has been lured into the foaming jaws of the major bank will then be given the red carpet treatment.
This is BS on an epic scale.
Excellent apps have done away with the need for phone service.
I’m not a VIP and a major bank called me dead on 8am this morning to arrange some tricky payments to come out of the right pot at the right time because I can’t stand using apps.
The service thing is pretty much dead.
So if it’s not service, then what’s the big deal?
You see, it’s all about the bank.
Like the Death Start sucking the Falcon in with its Vortex, the majors want to suck these types of borrowers in to then suck their money out of their bank accounts.
Credit cards
Insurances of all kinds
Wealth management (I’ve never met a truly wealthy doctor, so this is a joke)
Share trading
Personal loans
Car loans
By the time one of the majors has finished with the highly paid sought-after professional, they get the satisfaction and pleasure of a belly rumbling burp and a hot fart. Jabba the Hutt style.
There’s more.
Doctors especially seem to love the mistaken feeling that the major or whichever is looking after them. So they stay there.
Recent example with a new deal:
- Dr.is with Westpac, no lending in place at the moment
- She gets a quote from them and it’s fairly good, though not outstanding.
- We get to work, give her something that is shit-hot, with cashback, no annual fees for life, no application fees, etc. Basically the very best deal on the market and a excellent long-term relationship prospects.
- The lowest interest rate on the market too. And always competitive.
Get this, we say to our Dr. Client to go back to WBC to see if they give her a better offer.
She says we are having a laugh because she has already spent a bunch of time on the phone to them and they’ve said it’s the best they can do.
I told her to make another call. As an experiment.
She does.
What happens? Behold, WBC came back with a slightly better offer.
She calls me back, gobsmacked by the BS the banker is speaking. Point blank had told her they were giving her their best, but actually, they weren’t.
Her “that is ridiculous. So I have spent hours shopping for a better deal, then go back for a third time to get them to actually look after me?!!”
Ahhh, yep. That’s how they play you.
Suffice to say, that relationship with the major is all over. We placed her with a big, but not major lender with an overall deal that was still way better than the best WBC could do.
In fact, the majors still don’t come close to the best we can find elsewhere, all things considered.
This happens all the time.
Cheeky big banks trying it on with their customers and not really, really giving their best, even to the supposedly sought-after special, private clients.
What a joke.
And a shame.
But then again, they’re far too big to care.
We’re not.
If you’re currently in the vortex of the major bank death star and want to see just how much a better deal we can get you from a lender you’ve probably not considered, then GO HERE to request a call with me to discuss.
When we show you what we can do, I think you’ll be surprised by just how “unspecial”, special customers are treated by big banks.
Cheers,
Brodie Brown
Professional Mortgage Broker