A. and I are looking to buy a new house, so I did a bit of a ring around this morning to get some info on home loans. The contract between two banks was dramatic, so I figured I’d share it with you. Plus it’s fun to rant.
I have savings accounts with two banks. ANZ, which I’ve had for 10 years, and St George, which I’ve had for about 4 years or so. I got the ANZ one when I first moved to Melbourne, and I got the St George one when I bought my house a few years back. The loan with St George wasn’t the best choice for me, in hindsight, but it wasn’t the worst one either. Mostly it was my fault because I didn’t end up doing the things I thought I’d do financially.
Anyhow, I rang St George first. The guy (Stephen, I think) was quite keen to help me out. I told him how much we were looking to borrow, and that we’d have 50% deposit money, and I didn’t get any questions about our ability to pay. Straight on to what did I want in the loan. I wanted something with low fees (and a low rate would be nice, too), since we don’t plan on having the loan for all that long. We don’t need a bunch of exotic features we won’t use. No problem. Stephen was quite happy to explain all about the products they had that were roughly suitable, explained some downsides to one of the loans, and answered by questions. He told me about a special deal they just started yesterday.
Overall, he did a good job on the sales pitch. He found out what I was interested in, and pitched the products that were closest. He wasn’t too pushy, but he wasn’t passive, either. I ended the call with a good vibe, and a solid array of information about their products. He also told me about how I could proceed if I wanted to. Well done.
Compare and contrast with ANZ. I got a guy who treated me like someone who was coming cap in hand to the bank, not someone who can pick and choose between a variety of vendors. I mentioned I was an existing ANZ customer, and he didn’t ask for any details at all. I got the standard spiel about their variable rate product, and no mentioned of anything else that might be suitable. It was very much “Here is the loan we sell. This is the price. If you don’t like it, tough” sort of approach. I ended that call quite quickly, and had quite a different vibe.
Guess who I won’t be getting a loan from?
I may not have picked a St George product, but I definitely won’t be doing anything through ANZ. It’s enough to make me rethink my regular banking needs.
Bravo, anonymous ANZ sales-droid!