I thought I'd get a PL to do some home improvements.
Well my bank has a rate of 12.99% on PL's so I thought I'd shop around I came up with a few that where 1-2% cheaper.
So I being honest, loyal and naive thinking as a AAA rated customer of 20 odd years that my bank could match those rates or maybe even do better.
No they wouldn't/couldn't and didn't care less if I took my banking elsewhere.
However they suggested that I apply for a mortgage top up loan where I'd only be charged interest at my mortgage rate and I could split this so I'd be able to repay it just like a PL in 3 years
Well being a customer for 20 odd years having 3 previous PL's with the same bank you'd think it would be straight forward wanting a measly $15k and having over 80% equity in my home as well as a mortgage that does have a $20000 redraw facility which unfortunately I can't access due to my mortgage rate being fixed at the moment.
No such luck I still have to go through the same checking/valuation procedure as if I was a new customer. So a simple process that IMO should only take a day or two stretches out to weeks and a load of paperwork.
Logic, reason and common sense are not in their vocabulary even when you present them a case. I'm surprised they didn't want my pound of flesh as well.
All I can say thank goodness for their oligarchy as a lot would be out of business if competition was as rife as in other commercial sectors.
