Case Study: On tailored time
Published by MFAA
Tim* doesn’t work traditional hours, so when he was looking at refinancing, he needed someone handling his mortgage who could meet on his terms.
With a job that frequently took him overseas, he didn’t have a lot of time to dedicate to mortgage financing with his Australian bank.
He could only access his personal banker during Sydney’s 9am-5pm workday, and that same inflexibility with the schedule extended to refinancing. When he approached his personal banker about reducing rates, he was given a non-negotiable figure. It made him feel like he was just another computer file bringing fees into the bank.
Frustrated, Tim thought of a loan officer he had met through the bank and who had since left to become a finance broker.
The MFAA Approved finance broker was able to tailor Tim’s application to his specific needs, and sent it to several different lenders. The result was a success: he was able to secure a 0.5% discount on Tim’s previous rate.
“I used to work in banks, and you can only sell into maybe half a dozen products,” the finance broker explains.
“The service the bank proposed wasn’t up to standard,” he adds. “The timeframes the personal banker had didn’t suit the client, who needed to be able to call someone on Sunday and say ‘Hey, I’m in town, can you hep me out?’. I was able to save him money as well as make him feel 100% looked after.”
An MFAA Accredited finance broker is very different to a bank – with access to many products from many lenders, they can help you find the most appropriate product for you at a competitive rate.
*Name has been changed to protect privacy.