Stuart Wills of Mortgage Link recommends that now is a good time to review your mortgage and financing arrangements as banks compete for business.
There has been plenty of media coverage of late about banks offering to assist people to shift banks. As a result of the media coverage and low interest rates being offered by banks they have received a number of mortgage and refinancing queries.
From the feedback they receive it is apparent that banks are often not doing a good job for their customers, however, dissatisfied customers will often not change their banking arrangements as they perceive it takes too long and costs too much.
This finding was supported by research last year which found that:
- 53% of people are satisfied with their bank therefore almost half are not satisfied
- 43% of people changed banks because they could get a better deal elsewhere
- 31% of people changed their bank because of a bad experience
Now is a good time to consider changing banks as the “bank war” is forcing financial institutions to offer attractive deals to gain new clients.
Speaking to one bank recently they were prepared to offer:
- 0.40% discount off their advertised rates including the floating rate
- $1,000 towards legal fees – which should cover the majority of legal fees
- $1,000 cash back as a “housewarming gift”
- $3,000 towards clients break fees with their existing bank
Remember that almost half of all people are not happy with their bank! Are you one of them? Contact Stuart or Erica if you would like a free appraisal of your banking and financing arrangements.
Stuart and Erica Wills of Mortgage Link are happy to discuss your banking arrangements and they do not charge you for this service as they are paid by the banks. Stuart also writes a regular blog – Mortgage Chat for Kiwis athttp://mortgagelinkwest.posterous.com/