03-01-2017 03:03 PM - edited 03-01-2017 03:06 PM
I just thought I would share some feedback regarding the inflexibility Bankwest provides to the Customer Options Team in negotiating with customers to keep their custom.
My home loan rate recently increased to 5.22%, before speaking to Bankwest about this I sourced a better deal at 3.89%.
I phoned Bankwest today to find out about applicable discharge fees charged by Bankwest, and was ultimately directed to the Customer Options Team. Discharge fees end up roughly being under $600.
During that conversation I was offered 4.44% to stay with Bankwest. Still 0.55% short.
I countered offered by asking for my Qantas World MasterCard annual fee to also be waived. So by the end of the conversation I was willing to stay with Bankwest and accept 4.44% plus the waiving of my $270 annual credit card fee. Fee free banking appeals to me.
This is essentially a net loss to me considering the 3.89% deal I have been offered. The Customer Options Team advised that this cannot be achieved. It seems they only have capacity to offer other home loan products, such as the Complete Home Loan package, which has an annual fee of $395 plus only allows you to have a Qantas Platinum MasterCard.
Bankwest would continue to receive interest from my home loan account if it was willing to waive my credit card annual fee of $270.
Now I am going to take my home loan to a subsidiary of one of the competing Big 4's at 3.89% and will be saving at least $1000 a year which easily covers my World MasterCard annual fee.
This type of inflexibility in negotiating comes at a net loss to Bankwest. It just doesn't make sense to me from a business perspective.
Why the inflexibility in negotiating?
on 03-01-2017 03:42 PM
Can't say I've experienced this on home loans @cgm, but have seen the same issue with credit cards.
As a result of their inflexibility, I've walked the largest portion of credit card business across to American Express five months ago; because they had no power to negociate. And like you too, I hold the World card in the days before it was an announced product.