The danger behind this all too common occurrence, is that in this day and age LIFE HAPPENS. Your bank may woo you with promises of extra benefits or reduced fees if you roll ALL of your banking across to them – all your home and investment loans, your vehicle loans, savings accounts and business transactions, however, for the average Australian, this can be a ticking time bomb.
There are two concepts here that YOUR BANK WILL NEVER TELL YOU.
The first, which I have made mention of in many of my articles, is that the bank WILL NOT tell you, if a competitor has a better offer for you. Contrary to popular belief, you will not necessarily get the best value, by puting all of your eggs into one basket. There are many lenders whom specialise in different areas, and at VARYING TIMES, each bank will have a different focus on the type of product or customer whom they wish to attract.
As you are all individuals, and no two situations are alike, it would be impossible to say that one bank is best suited to every customer, or that one bank is best suited to ALL YOUR banking needs. You may well benefit from better rates, by distributing your home loan, car loan, and personal loan, amongst different lenders.
This will vary based on your current circumstances, such as your type and length of employment, your current asset position, and the amount of cash contribution or equity that you may hold for your existing or intended asset.
I could bore you all to tears by going on for hours about which banks are better suited to those with two properties or three, or those with a 5% deposit or 20% one. For those whom are self-employed or payg, but I wont do that to you.
To find out if you will be better off by diversifying amongst varying lenders, contact Bee Finance Savvy on 1300 140 554.
We will take care of all of the paperwork for you, so don’t worry, you wont have to deal with multiple people and have to explain yourself over and over again.
To find out about the second reason it can be safer to diversify – read our upcoming article – The banks want to put their claws into everything you own!