Yes, they’re right to some extent. Although Commonwealth Bank (CBA) is one of the largest banks and is very popular in terms of home and personal loans, there are several risks of being tied up with one lender. You may face certain difficulties such as:
- Being limited by your bank's product range and expertise: It is rare for a single lender to provide services that cater to home, business, and investment needs simultaneously. One lender may be more suitable for commercial loans while another may be better for home loans.
- Risk management: Having all of your properties, savings accounts and other credit accounts with one lender can be risky. It is because they'll have complete control over your situation if you ever experience financial hardship.
- Lending policy: Your current lender may have a tight level of risk compared to other lenders on the market, particularly when it comes exposure and property types, which can stifle your investment plans.
- Existing customer pricing: Having more than four products with one lender means you're a "sticky" customer but it doesn't necessarily mean lenders reward loyalty with cheaper interest rates and fees!
We have a lender panel of almost 40 lenders and we can help you diversify your portfolio so you have the right mortgage mix for your property types
You can enquire online or give us a call on 1300 889 743 to find out how we can assist you.
Cheers,