Playing the banks against each other????

1

11.11.18

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hi - i am a 100% FTB and i got loan approval off two banks to see which of them could offer me the best rate....i got offered a FTB tracker but was able to get it reduced by .1% from one of them...how low do you think i could go ...should i continue playing the two lenders against each other??

has anyone else got a decent discount on the rates initially quoted to them on their initial approval letter??

some experienced advice would be nice here guys!!!!;)
 
I recently did this and got .25% reduction on the margin on my tracker between what my original offer was and the final one.

I actually hadn't planned to be a tart, but a Dutch auction developed where two institutions who had given me quotes keep knocking their price. At one stage, one bank told me they couldn't match the rate of the other so I thanked them and resolved mentally to go with the other. 10 mins later they rang back with another sliver knocked off. I eventually went with them.

It was all pretty stressful, but will save me a lot of money. Having been on the customer side of a few auctions, it was good to be the beneficiary for once.

Not sure everyone could do this, my circumstances were quite particular.
 
Are you closing soon? Year-end targets may be looming for bonus purposes, giving you more leverage.
 
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