The “Cost-Time-Quality/Value Trade-off” need not apply to Finance

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Cheap, Fast and Good Quality – we want all three.

But in reality we are forced to make some compromises and usually settle for two out of three.

For example, Fast Food is cheap, and convenient, but the quality of ingredients are usually suspect and we know for certain it’s not nutritionally good for us. But we get it anyway because its convenient. In contrast, we go to restaurants to get quality food but we are prepared to pay a premium for the service and experience and we wait up to 6x longer than the average fast food service.

We also choose to:

  • Fly Jestar – we know it is cheap but offers little service
  • Fly Qantas – we want the service and are prepared to pay for it
  • Wait for and buy the latest iPhone – we want the services and speeds it offers, even though our current phone is adequate and often wait for weeks on end for it to arrive in store in the post.

Instinctively we want all three – cheap, fast, good quality –  but our experience tells us there’s a trade-off between price and quality and the time we have to wait for what we want.

“You get what you pay for” and “good things take time to make” and “good things comes to those who wait” are truisms that have been etched in our minds since childhood.

On rare occasions though, when we find a product or service that offers exceptional quality at a competitive price with a faster-than-expected-turnaround time – ‘we’ve hit the jackpot’ and tell everyone we’ve bagged a “Bargain!”.

Related:  Deadline Looms for Related Party loans to an SMSF

This principle applies to loans as much as it does to any other goods and services we may buy.

Many of us understand we make these choices every day, yet we don’t always appreciate that we have to make the same choices when it comes to loans.

The same applies to lending.

Bankwest is CBA’s Jetstar and customers accept the strengths and weaknesses of both parent and child.

Knowing the relative strengths of every lender is where a good broker kicks in.

Today, if you want a speedy loan approval, a good broker knows not to take you to CBA; they have been taking as long as 14 days to even look at an application!

Not all lenders lend to everyone.  For example, NAB has a policy of not lending against properties that have Company Title. Similarly, ANZ does not lend to SMSFs.

Here is a handy tip on what you should do to get your lending needs met.

If you want FAST, CHEAP and GOOD Quality Loans – without the compromise – talk to your Chan & Naylor Finance Broker today!…You may just bag yourself a real “Bargain”.

Feel free to call us on 1300 306 868  or send us a message here. 


Jenna Ford - Chan & Naylor





Jenna Ford

Disclaimer: This article contains general information; before you make any financial or investment decision you should seek professional advice to take into account your individual objectives, financial situation and individual needs. Click for more detail regarding this disclaimer.

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