10 Things Your Banker Won’t Tell You

When you walk into a branch, everyone smiles and offers to help. But never forget: a bank is a business — and its goal is to make a profit.

That doesn’t mean bankers are dishonest. It just means they work for large corporations, and their role is to sell you products that may or may not be the best fit for your financial situation.

Here are ten things worth knowing before you take their advice at face value:

1. Limited Options

Bankers can only sell their own bank’s products. They won’t mention the loan across the street that might suit you better.

2. They’re Salespeople

Bankers are incentivised to push loans, credit cards, and insurance. The more products they sell you, the more the bank makes.

3. Three Doors to the Bank

• Front door: retail customers (mum and dad clients).

• Business banking: larger accounts, more sophisticated advice.

• Institutional banking: reserved for the “big end of town.”

4. Mortgage Rates Are Negotiable

Rates aren’t set in stone. If you push back, most banks will shave something off rather than lose your business.

5. Offsets Beat Term Deposits

Parking your cash in an offset saves you interest at your mortgage rate — often better than any term deposit.

6. Bank Fees = Big Profits

Fees are one of the bank’s largest revenue streams. Unsurprisingly, that’s not something they promote.

7. Some Fees Can Be Waived

Ask the question. Many fees disappear simply because you pushed back.

8. They’re Not Financial Advisers

Bank staff aren’t trained to give holistic financial advice. They’re trained to sell banking products.

9. “The System” Decides Your Loan

Forget the friendly manager at the desk — your application is reduced to a number in the bank’s credit system.

10. Loyalty Doesn’t Guarantee the Best Deal

Many people assume loyalty counts. It doesn’t. Shopping around almost always uncovers better terms.

Bottom Line

Banks aren’t the enemy — but they’re not on your side either. Their job is to maximise profit. Your job is to shop around, negotiate hard, and, ideally, work with a skilled finance broker who can level the playing field.

By Kate Forbes