Bullying the Banks

Hi Scott,

With more equity in the house this year, I built up the courage to contact our bank, CBA, and request a better deal. With little hassle they dropped their rate by 0.15%. I mentioned a much more appealing rate at a rival with a $4,000 cashback offer, yet the best they could do was a further 0.02%.

So we started the refinancing route. After we’d filled out a multitude of forms through a broker, our friends from the CBA were in contact asking why we wanted to discharge our loan. I politely indicated we made them aware of this before deciding to pursue the better offer. The CBA has now offered to reduce our rate below the rival rate and thrown in $2,000 in cash to reward us for being a loyal customer. Thank you for everything you do!

John and Suzie

Hey guys,

Oh, I love, love, love this. You bullied the banks!

And it doesn’t stop there. Putting that $2,000 against your loan is going to have a compounding effect over the years, slashing the time it takes you to become debt-free.

Having said that, I’d be tempted to take at least a few hundred bucks and have a fancy-pants dinner. You deserve it!

Scott.