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changing relationship banker

Discussion in 'General Property Chat' started by standtall, 18th Oct, 2016.

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  1. standtall

    standtall Well-Known Member

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    Is it possible to change your relationship banker? We are having to deal with one who's a poor communicator and we feel he doesn't represent us well with his credit people.

    He promises high and comes back with significantly low numbers. He then blames it on policies and other people. Our previous relationship banker was 100x better. He would communicate well, find ways to get things done and deliver on our objectives.

    Has anyone been successful in getting their relationship banker changed? It's a Big 4 bank that we are dealing with.

    Cheers
     
  2. bobbyj

    bobbyj Well-Known Member

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    Sounds like CBA.

    No offence to any one who works for the big 4 who is a member of PC, but I'll share my experience with commbank.

    Clueless premier banking relationship managers.
    You can demand a new manager.
    I requested a new one and they were happy to oblige.

    My issues are that they are very performance based and will push you for a rating score (10/10 service) without actually helping you.
    All the managers I've dealt with are not investors and had no idea what products they were pushing.

    I requested interest only loans and they'd push me to have my investment loans as principle and interest.
    When requested for a loan discount in person id be promised with prompt feedback but they'd ignore my requests. Like as if I'd forget if they didn't address it.

    To answer you question: you're the customer. You can request a new manager. Or they can find a new client.
     
  3. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    Why not use a broker? Some have excellent relationships with lenders and can work some magic for you. And if it really is policy brick walls, at least you'll get the service you're after, and options with other lenders that may have different policies.

    Which Big 4?
     
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  4. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

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    A professional mortgage broker would be 100x better than an RM at a bank or at least should be :)

    You are not limited to one servicing calculator or policy set either which probably means nothing to you but makes all the difference in the real world.

    Plus you are dealing with an employees with an employee mindset rather than a business owner with an entrepreneurial mindset. An established broker will be around for years to come and can be the one point of contact for all your financing and banking needs.

    Anyone that can get a mortgage broking business to be successful is no bank johnny, thats for sure.

    There are about 20 other reasons I could rattle off.
     
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  5. standtall

    standtall Well-Known Member

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    Even if we go by a broker, we will end up going through that relationship manager eventually as we MUST use this particular bank in this case. Apparently all your dealings (even through broker) get routed to your relationship banker.
     
  6. standtall

    standtall Well-Known Member

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    Not CBA - we have had good experiences with CBA but I guess it's person to person.

    Who did you contact? Branch manager?
     
  7. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

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    Sounds like Westpac or NAB.

    Via broker you wont have to deal with said individual, the broker will :eek:
     
  8. standtall

    standtall Well-Known Member

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    I don't mind dealing with them as such but it's just that they can't get anything done. No talent for coming up with solutions or making things work.

    Our previous one was a genius. He would tell us ways to make a deal work like pay off this car, close this credit card, move money into this account etc. etc. and always found a way.
     
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  9. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

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    That approach sounds familiar :D
     
  10. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    I haven't experienced that, and it seems odd since the broker lodged loans and/or amendments go through a different channel. I've never spoken to a bank relationship manager on behalf of a client in my life, except for private banking which is different thing. Which bank are you talking about?
     
  11. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

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    Its usually for business customers and from my experience its when a discharge is lodged they pop up, especially when you put your number on the discharge form so they speak to you before the customer. Also some guarantor deals have had to deal with them cause second mortgage are business owners as well.
     
  12. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    Right! That's interesting! I guess I'll find out shortly - about to refi for a biz client so will see :)
     
  13. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

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    Sometimes they slip through with no intervention.
     
  14. tobe

    tobe Well-Known Member

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    I've had to deal with a customers relationship manager at westpac private. Annoying. I had to lodge the deal like normal but instead of going to an assessor it went to her, then she sat on it for ages and I had to coax her through it in the end in any case. It was just as westpac changed their income verification policy so it was a real nightmare for a long term private banking client who had their salary credited to westpac, significant existing lending etc. second application for the same client a couple of weeks ago and the private banker was no longer involved. Not sure if this was a policy change or the client wasn't private managed anymore. It was much simpler just dealing with an assessor though.
     
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