newbie what loan fees etc can i negotiate for bank to eliminate to get my business.

newbie what should i negotiate with bank re less fees what are fees i can negotiate

i was told that its not just interest rate i should look for so what are other fees to look at that i can negotiate for bank to eliminate to get my business.

 

Some will occasionally knock off an app fee, but for the most part the most aggressively priced lenders don't waive what they have as they know their total costs are lower than other lenders which buffer everything up but waive fees for those who ask.

Go to a broker who will be able to find an option which gives you a better deal from an overall cost and goal perspective. Anything else and you're doing yourself a disservice.

 

Hi Justine,

We discussed earlier today some lenders occasionally have offers where they will waive various fees, but generally most lenders are more willing to negotiate interest rates than ongoing fees.

Depending on the loan amount, a rate discount is usually worth more than fee waivers anyway.

 

Yes thanks for chatting to me today . It cleared up so many questions . It was much appreciated . Thank you for all your responses and info .

 

Hiya

If you’ve already chatted with Pete you’ll have a fair idea that he’s quite clever when it comes to this finance stuff - so might not be a bad idea to see if he can assist you with this rather than going at it alone.

Cheers

Jamie

 

Good call Jamie.

I find that some (not all) of the smaller, sharper lenders have a LOT of fees that basically negate any benefit you receive from going with the lower rate in the first place. Rate ain't the only thing mate.

Application and valuation fees are the easiest to get waived but you'll find some lenders have specials where they won't waive the fees because they're already clipping the rate so they need to recover a bit of that somewhere. Conversely you also get genuine good offers where it's a special rate AND the app fees etc are waived. Talk to your broker about the detail.

 

Thank you for the helpful info
From responses from this site i've gotten conflicting info. some say suncorp deals are amazing, others say they would never recommend them. How do i reconcile that.

 

Suncorp does have some very good deals. For certain niches, there's nothing out there with cheaper rates.

You need to weigh this up against their lousy service. Weeks to get anything done, stupid mistakes. They've also got very restrictive policies.

You reconcile this with the cost of time vs money.

 

Different people have different experiences and therefore different recommendations. We all have opinions and they are just that, opinions not fact. Some such as the brokers here are very well informed but it doesn’t remove personal biases from past situations and you are always going to get differences of opinion. Also are you sure all the people you have been asking are brokers or just someone on the forum or in the real world with an opinion without the depth of knowledge/experience to back it up?

While this is a great site I think you need to be careful because taking in too many opinions from too many different sources is only going to make you more confused and burn bridges that could help you! I think you need to choose a broker whom you trust and work it out with them. I am not sure if it is possible but maybe you would be better seeing someone in person as perhaps you may be less anxious and build trust more effectively meeting in person (although I don’t know if this is possible given how busy all of the brokers on here are!). Forums are great for a wide variety of info about various different situations but you need SPECIFIC info about YOUR situation and forums will not provide that.

Talking to a million different brokers is also only going to confuse you further. Choose ONE that you trust and work with them