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Echelon base set Hunter
Same as the Billyhoyle thread for teaching. Let me know what your questions are and i'll do my best to answer them for you 
Ask me a question about being a Bank Manager
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ooneil
OzCardTrader
Which bank?
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Echelon base set Hunter
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Echelon base set Hunter
I can get you a cheap home loan if you meet all the right criteria. Home loans vary a lot from person to person and are on of the most complicated and misunderstood products available from a retail bank.
For example, daily telegraph ran a story yesterday saying that they were able to haggle a 0.8% discount of the Standard Variable Rate (SVR) loan. Every client is entitled to that if you take out the wealth package.
For example, daily telegraph ran a story yesterday saying that they were able to haggle a 0.8% discount of the Standard Variable Rate (SVR) loan. Every client is entitled to that if you take out the wealth package.
ooneil
OzCardTrader
Funny how many around here do/did work at CBA.
What question do you hate being asked most?
What question do you hate being asked most?
They are cheap right now, hell when i was doing lending for the sao biscuit dipped in vegemite logo bank the interest rates for home loans were over 17%.
And yes that was a long time ago.
brentus777
OZCT Supporter
Will you answer my pms next year when I'm going for a home loan? Lol!
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Echelon base set Hunter
17%. Thanks Paul Keating.
Question I hate being asked the most "Can you activate my card" "Can you print me a statement." We do both of these things for free and are able to do it quickly. However, both can be done from the comfort of your own home. Activating your card can be done with your smartphone.
Every time someone comes in to do these things, I feel like we've let them down explaining the features of Internet Banking.
Question I hate being asked the most "Can you activate my card" "Can you print me a statement." We do both of these things for free and are able to do it quickly. However, both can be done from the comfort of your own home. Activating your card can be done with your smartphone.
Every time someone comes in to do these things, I feel like we've let them down explaining the features of Internet Banking.
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Billyhoyle
Im Not Juan Garcia
On Sunrise the other morning they were talking about how few people actually haggle with the bank over the terms of their home loans but will haggle over a $50 toaster.
Is this something that we all should be doing, and as manager do you actually have much room to move on home loans?
Is this something that we all should be doing, and as manager do you actually have much room to move on home loans?
KyleP
OzCardTrader
Do you think the profits which the major banks make each year are ridiculous and excessive? I understand the need to make money as a business but they do make insane amounts of money and aren't very sympathetic if you can't make a payment for some reason.
ooneil
OzCardTrader
I used to hate getting this question when I worked at CBA. I will have a go at answering.
No to the first part of your question. Australian banks are well regulated and well run. The vast majority of Australian's will benefit from these profits via their Superannuation fund (which will hold some exposure to them). Take a look at what has happened in the USA, UK, Spain, Italy, Greece (the list goes on) where the banks ran amok and needed to be bailed out by public tax payer money which has basically left these countries broke.
My belief is if you dont like them making money take your business down the road to a credit union or building society.
As to the second part of your question as long as your communicating with the bank things usually work themselves out. If you find someone being narky then put a complaint in.
In my experience the ones that get themselves in trouble (and then scream about the bank not being sympathetic) are the ones that ignore payment requests and let it get to debt collector stage before they deal with it.
Allstar cards inc
"Got one more than Shaq!"
I was a bank manager a few years ago....tough gig....pays alright though!!
bruntyblue
bruntyblue
How do you feel when you foreclose on someone and and put them in the poor house, and out on the street to live?
Allstar cards inc
"Got one more than Shaq!"
As ooneil said earlier communication is the key.....this is an extreme action for a bank to take and I don't believe they take it lightly. Most of the time they will work together with the customer to map out a course of action. .
bruntyblue
bruntyblue
I disagree with this as my partner is going though a rough patch with work at the moment and has communicated with NAB from day 1, all I can say is that they have been next to no help for her, the only thing they are worried about is getting there profit into the 500 million every 6 months. The banks are greedy and the CEO'S make obscene amounts of $
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Echelon base set Hunter
Most Branch Managers will offload the lending responsibilities to the Personal Lender in branch. Any discount would have to come from the pricing cell and their discount depends on the size of your loan (It is tiered. Over 1 mil is the biggest discount) and your relationship with the bank (How much debt/credit you have with us). Any haggling you can do in Branch will be around fee waivers. Just take out Wealth Package and you are covered though.
1.8 Million people have a home loan with CBA. 11 Million people have their savings with us. Most of Australia's Industry/Retail/Wholesale super funds rely on the CBA to remain strong and profitable by paying great dividends to fund their growth. I don't feel that a well run bank should be apologetic for making money and supporting the country's long term future wellbeing of it's people and it's finances.
As a Branch Manager we have very little to do with this. As a human being I feel terrible. Communication is key.
What help is your partner looking for? With us we have a Hardship's department whose sole job it is to help people out in financial difficulty. The best solution for the bank is not taking the house/car/possessions. This doesn't help maintain the profits. What helps is having long term customers who are happy with their bank and want to do business with you. Is foreclosing on a 25k car loan worth wasting someone who then get's their shit together and purchases a Home and needs a loan for it?
I empathise that your partner has been doing it rough, but if you are not getting the solution you need, you must escalate. What do you want as your outcome? A delay on the loan, a reduction in repayments? Ask the bank what exactly they can offer in your scenario and try to work around that.
These kind of "Rough Patch" scenarios are why things like income protection/TPD Insurance are an absolute must.
bruntyblue
bruntyblue
I will scan the letter she received from NAB's hardship department tomorrow night and put it here to show you the response, also can you name any other companies in Australia that make as much profit as the BIG 4 and what profit did CBA make last year? was it over a billion $ ?
ooneil
OzCardTrader
Rio Tinto and BHP come to mind.
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