Sometimes we need Big Banks

None of us really like banks and even less of us like the Big Four.  But every now and then only a Big Bank can meet your needs.

My clients tend to get most satisfaction from using the mid-tier lenders; lenders like Suncorp, ING or Macquarie.  But sometimes only a big bank will do.

Many of the mid-tier lenders pride themselves in offering innovative service and maybe a lower rate.  However, they can be a bit risk-averse on some properties.

High-density living is a perfect example – many mid-sized lenders won’t touch apartments with lots of units or with multi-level buildings as they are seen as too risky. Nowadays, there are heaps of these buildings in Sydney, Melbourne and Brisbane.

The good news is, the big lenders are big enough to take on those buildings that can be seen as too risky.

I am currently settling on a property in Zetland with NAB that some banks would not touch.

The client is rolled-gold, but when I spoke to the smaller lenders, they got scared.  Thanfully, NAB has a database that brokers can access which states if the bank will or won’t lend in a specific location.  Imagine what had happened if the client had, unknowingly, applied to any-old bank and just been turned down because of the property.

And we were able to arrange a pretty-good rate with NAB for the client too!

Most importantly, the client is happily moving into a great new home.

Not all banks are the same – and its not always a case of finding the cheapest.  Message me if you want to know more.