11 Jul INNOVATION GENERATION: YOU DON’T GET WHAT YOU DESERVE, YOU GET WHAT YOU NEGOTIATE
I was pleased to be able to present at the Innovation Generation Conference in Wagga. “You don’t get what you deserve, you get what you negotiate”.
We explored agricultural finance, how interest rates are calculated, some of the hidden costs and traps to watch out for and how negotiating your loan should not affect the relationship with your bank manager.
I provided some insight into presenting a professional case to lenders and what should be included and the specific information that bank managers are looking for.
There is more than $60 billion worth of debt in agriculture in Australia. That’s a lot of opportunity for debt negotiations, but we have recognised that the are some barriers.
- Knowledge – am I even on good deal?
- Uncertainty – will it affect my relationship with my manager?
- Time – utilise the services of a credit advisor
I gave some insight on where the market is and reassured farmers that managers expect their customers to negotiate on their rates. The best way to achieve the most competitive rates though is to tender finance out to other lenders. This takes time and expertise, which is what we do best at Robinson Sewell Partners.