my mate just called seeking urgent advice, page-62

I have an update for those who were interested in this thread about my mate and the CBA.

If you remember my mate was told by the CBA that his fourth investment property would require $50,000 in lenders mortgage insurance. I was speculating if the CBA was trying to foreclose on him or if it was just an error.

Well I just had another chat with my mate yesterday and he took my advice to go see another bank. When told CBA he was leaving to NAB, CBA subsequently dropped the lenders mortgage insurance to just $14,000, made him a 'Premiere' customer and lowered the interest rates all his investment properties!

Apparently CBA only offers 'premiere customer' status to those with lots of investment properties. As part of this my mate was told never to call the CBA general line but to only call his CBA personal banker - even if it is late at night!

I guess it pays to threaten your bank with leaving! Lord knows their profits indicate they have room to move in doing deals for special customers.