Is anyone a private banking customer? Who with?Just wondering if there is any advantage in terms of obtaining investment loans or helping with settlement etc.
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Yes I am a private Banking customer with Westpac. I think there are advantages regarding interest rate negotiation. The biggest advantage is the customer relationship whereby they will push the boundaries for you. In saying that I had a great personal banker for about 7 years. In the last 3 years there have been 2 changes so now not so good.
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I am private bank with Westpac too but I am not sure it gives a jump on interest rates.
Personal banker and Private banker are two different things.
They help in pushing your case though and with mine anyway I feel I get a much more straight-up answer on things.
Just working with BNZ at the moment on moving a loan to them and I have never had to jump through so many hoops!
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First time I heard of private banker lol.
I thought there are only 3 categories of customers:
1) residential
2) business
3) commercial
Gee these fancy titles given by banks...
It's not the types of bankers or what level customer you are.
It is the bank personnel managing your account that is the most important. Some staff are excellent, some are shit.
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Originally posted by Wayne View PostPrivate is for high net worth clients.
Private bankers should never be 'shit'!
I only heard off Premier Customers (BNZ).
Oh well I guess the downside of using multiple banks is that my mortgages with each banks are too low to be considered high net worth client...
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Originally posted by Gary Lin View PostOh well I guess the downside of using multiple banks is that my mortgages with each banks are too low to be considered high net worth client...
Remember Tony's advice that, at some stage in the future, being able to get a mortgage will be more important than the rate you get.
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Originally posted by Wayne View PostRemember Tony's advice that, at some stage in the future, being able to get a mortgage will be more important than the rate you get.
But loyalty from banks? I don't really see that. Every good deal has to be negotiated these days...
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Originally posted by charlotte30 View PostAgree with Wayne ie Private banking is for high net worth customers. I only found this out when talking to an ex-Westpac employee.
I was wondering if it allows you to negotiate better rates etc, or if simply ties you to one particular bank.
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Rate negotiation will always be a case by case basis, based on loan size, LVR, strength of the deal/customer, what's happening on the day amongst other factors. I don't think Private Banking gives any particular leverage on rates. It's more a selling tool for the bank to make someone with $250k income feel important or some high net worth individuals may want a bit more privacy around their banking.
If you are in Private Banking there is a good chance the loan sizes may be bigger which is the real leverage rather than what customer 'set' the bank may have you classed in.Craig PopeCraig Pope Mortgages & Insurance
www.craigpope.co.nz
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I am also a Westpac Private banking client. You tend to get a person in the bank as a contact that knows a lot more about the financing that I do but completely agree with Wayne and Craig that you cannot expect to get any favours and any slackness on my part of not knowing current rates has been rewarded with paying too much. I am not on "the edge" in the last 10-20 years so have had no issues with loans not being available or recalls of loans. Consolidation within a bank does allow strong negotiation but still within market limits.Doug
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Whatever Westpac offer me I always ask for a bit more discount and usually get it. From my reading with banking generally the cutoff point for borrowing is $1m, private banking allows for more than that. I am under no illusion though, cashflow is king. Whatever the bank lends to you they can also take away.
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