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Since the day ASIC reported back on a finding from the Royal Commission on charging older loyal clients more than new ones, I have refused to take a backward step on this issue… Because it represents the worst possible example of bank behaviour.

In a related article (The Australian) – it notes that CBA and Afterpay are locked in a battle for banking customers… but the MAIN prize is home loans.

Here in print is the damning statistic “big banks earn 62.4 per cent return on equity on existing home loans and 34.3 per cent on new loan”

34.3 per cent is MORE than adequate profit margin 62.4 per cent is a RIP OFF plain and simple. Old customers are treated as complete fools and RIPPED OFF by banks – blatantly.

Refinances were up 60% year on year at Jun 30, and ‘commentators’ say “shop around for a better deal”.

That is totally WRONG.

This Rip Off is not addressed by hopping from one bank to another – it is addressed by finding a bank who agrees, at point of sale, in writing, to give my existing clients the same rate as they publish for new clients.

UNLESS a bank agrees in writing to give my existing clients the same rate as they publish for new clients I black and white refuse to give them ANY new business.

When I started this move, I was told I would never get this agreement – well I now have FOUR brand name lenders who have agreed.

Such banks exist.

They and ONLY they deserve new business. I will NOT recommend a bank to my clients unless that bank can agree.

I know this is gaining traction both with my lenders and with my clients – who know that I review:

·       Every Loan

·       Every Client

·       Every 6 months

THIS SINGLE ISSUE is what I want to be known for – THIS is BRAND ALAN.

And it is working… I am getting calls from brand new people, referred by you – my clients, and those new people have heard about what I stand for.

This post is predominantly a thank you – to you – my clients, who see the value in what I stand for and what is a driving force in the service I offer.

As always if you would like advice specific to your own personal circumstances, please call or email anytime, it’s what I’m here for.

Ask Alan – Alan Heath, Trusted Mortgage Broker throughout Brisbane, Adelaide, Sydney, Melbourne, Canberra and Perth