Myth #1 – Loyality will be rewarded?

I’ve been loyal to my bank, so they’ll look after me! Yeah good one!! Loyalty is NOT rewarded these days my friend!

Here’s why:
1 – It’s not the bank who cares about you – it’s the PEOPLE. And good people often move on and get promoted!
2 – Rules trump all in the current environment. We as advisers, use the story to sell the sizzle with the bank and this still works to a certain extent, but increasing regulation forces banks to take less risk (hence a tendency to follow rules more now).

You may interpret past experiences as a reward for loyalty but I’m going to suggest the bank looked at you differently back then compared to now (because the rules were different). If you don’t have a straight story around equity and income today the outcome could be far different than what you may expect. If you intend on doing something like renovations as an example, you may be surprised at the process. If it’s not plain vanilla, it’s going to be a Rocky Road!

Banks are: Suppliers of money – straight up! If you want their money you need to know how to play by THEIR rules and be WILLING to play by them. Now more than ever, you need to get your story straight BEFORE talking to the bank.

Talk to an adviser first before doing anything as it’s the easiest way to get what you want!
Could we help? Get in touch.

By |2018-08-30T23:50:26+00:00August 30th, 2018|Finance, Mortgages, Myths busted!|

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