Hi all,
I work in a bank now and get a staff discount on interest rates. Is it legal to offer an interest rate closer to what the banks give to a possible wrap client, and are there any moral issues surrounding this?
We don’t currently wrap at the moment but this idea just popped into my head and I thought I’d ask.
Cheers
K&R.
K&R
You can dream, so dream out loud. – Bono (Acrobat)
K ^ R
No none at all. You can set you margin and interest using any set format and I am sure that your wrappees will welcome a lower interest rate.
Only thing to bear in mind is what happens when you leave the Bank or the benefit is changed how do you increase the rate of your wrappees loan.
By using a particular index and we alsway use the Australian Reserve Bank Cash Rate your borrowers can easily identify when there is a rate change.
Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
[email protected]
Ph: 07-3720 1888Richard Taylor | Australia's leading private lender
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