- Google "lowest or best mortgage interest rates"
- Google your house value, check CV
- Check you internet banking for mortgage. loan, overdraft and credit card balances
- Cut and paste (and fill in the details) of the italics letter/excerpt to an email and address the email to a selection of the financiers found in (1.) above
- Change the wording to suit your personal voice and style if you want.
Dear Bank (bank name)
I'm currently looking to secure a better deal on my interest rates. I feel confident you'd like some new customers in order to meet your sales targets. Hopefully my approach will suit us both and you'll get back to me to discuss the possibility of me securing a new deal with you.
Here are a few statistics about my current finances:
My house CV $ insert amounts
My mortgages add up to $ “
My credit card is $ “
Hire Purchases $ “
I earn approx $ each year and my partner earns $ “
At present I’m aware interest rates are dropping and competition is at an all time high. Is it possible you could do me a really good interest rate given the current market? I've done a bit of research personally and via the media and my hope is you'll be able to do me a better deal than the present one I have with (insert your bank's name here.)
I'm also wanting to consolidate all my above debts into a new facility with your bank. Of course I’d love the total payments to remain the same, which means that at a much lower interest rate I’ll be free from that compounding interest much earlier than if I were to stay with my current bank.
I’m of the view this change might be able to cost me nothing to very little, (given the research I've done) and I’m also aware you may be able to cover all my legal fees (as this is currently offered to new clients by various banks in NZ.) A number of other enticements are currently being offered in the marketplace and I'm hoping your company can offer some of these if we change to you. From what I can gather, some banks are including things like a new TV, (to watch the All Blacks beat Australia,) or a trip to Fiji for a family.
I'd like to minimise disruption to daily life as much as possible when changing mortgages and banks. I'd prefer not to have to open a multitude of new accounts if possible. If you’d like to bump up your sales (with me as a new secured client) then minimising your requirements to a so they're streamlined and simple would be beneficial.
At present I’m sending this to a number of financiers and am receiving offers from various institutions, and I'd love to hear from you with your best offer. I'm keen to secure a better deal and I want to get the best deal for myself and my family asap.
Once I've selected the best offer I’ll request forms and connect you up with my solicitor. It would be good to also meet with you personally soon to discuss this over coffee? I look forward to hearing from you.
Thanks for your time,
Insert Your Name here
Send via email to banks from your google search and wait for the replies in your inbox. Meet personally with those who offer you the most appealing deals and choose the one that suits you and your family best.
The plan suggested by Brett and outlined here is very simple. It is also very successful and Slater Chartered Accountants have had a number of clients use this format to their advantage. It's so successful we felt it was worth sharing to the general public, who are often nervous or "in the dark" when it's time to negotiate with banks for a better deal. Clients are offered a host of suggestions in the free appointments Slaters offers as part of the client relationship. Without the hourly billing system you have a chance to discuss these at length and even go away and think about them before emailing Brett or making free another appointment a few days later. It's well worth it.
You can obtain further advice by contacting firstname.lastname@example.org or use the message box here on the website. Alternatively you can make an appointment via Reception on 07 8389700 or through the online booking system.
See you in at the office and don't forget to let Tina on Reception know how you take your tea/coffee.
Millie Slater is Marketing, Social Media and HR Manager at Slater Chartered Accountants. She's also a regular contributor to the Slater Blog. For more information visit http://www.slater.co.nz
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