Say hello to bickering banks and goodbye to credit card debt…

It appears that competition between the top four banks is at levels not seen for years.

NAB began the battle with its ‘break-up’ campaign, targeting its rivals’ mortgage customers by announcing that they would pay the $700 mortgage exit fees for customers who moved their home loan to the bank from the Commonwealth Bank or Westpac, as well as waive their normal $600 application fee.

Within a week the CBA retaliated by offering to pay NAB customers $1,200 in direct cash if they switch their mortgage to CBA, as well as $100 for each credit card and transaction account. Not to be left out of the action Westpac announced a range of cuts to their rates and fees and launched an aggressive campaign to poach business customers from rival banks.
overall deal for your situation.
 
Deals like these sound good on the surface but you need to look a bit deeper to get an understanding of the underlying interest rate and total loan costs. After all what’s the point of scoring a few hundred dollars in upfront cash if your loan ends up costing you tens of thousands more in extra interest payments.
 
Perhaps the big banks should focus on keeping their current customers happy rather than trying to ‘buy’ more of them. They’d only have to visit a couple of forums or read a few news article comments to get a feel for how cynical bank customers have become – here’s a good one I came across; “So if you are a CBA mortgage customer, perhaps you can have NAB pay your exit fee, move to NAB, then get CBA to pay you $1200 to come back?”
 
*New Service* Debt Negotiation: If you’ve been spending more than earn and as a result have racked up a stack of high interest credit cards this service could help you. Our Debt Negotiator can negotiate your personal debts down to as low as 10-50% of your original balance! To find out how you can slice up your credit card debt click here
 
Free Seminar – The ’70-hr Renovation System’ [Mar 1st] – Learn how to buy small units or houses, renovate them to a high standard and sell them for maximum profit. For more details click here
 
Reminder: we have recently updated our office contact numbers. Our new details are;
– phone: 08 8451 1500
– fax: 08 8451 1501

As you take a moment to read this month’s news, remember Urbantech is always as close as your phone otherwise, see you next issue.

To read the full newsletter click here

Your Partner in Success,

Sam Cocks
Managing Director
Urbantech Group
Finance Adelaide, Home Loans Adelaide
http://www.urbantechgroup.com.au/

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Urbantech provides a complete service to build and protect your wealth; mortgage & finance broking, +plus a range of allied services. Simply put we'll make sure you get the best deal going. To get started today book in your FREE Finance & Wealth Evaluation or call us on 08 8451 1500

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