More and more brokers are looking at how they can embrace a more holistic approach to lending. They’re keen to look at alternatives if it means they don’t have to tolerate poor service levels or send different loans to different lenders. In recent times, we have seen service levels blow out to 14 days, and in some instances even longer.
Professional brokers providing a valuable service to customers need to be asking why timelines are blowing out so much and what their alternative options are. It’s not good enough to tell a customer that their application is sitting in a queue waiting a week to get a conditional approval. Furthermore, it’s not fair on the broker. Why aren’t brokers being told upfront that a deal is not going to work, instead of having to wait for a week or so only to find out that a totally different type of offer has come back?
If a lender can’t offer a broker a deal based on the application that was submitted, they should know right off the bat and tell the broker. This would save the broker and their client time, effort and disappointment. It would give the broker the opportunity early on to talk to their customer to discuss if the lender’s alternative offer would be an option, or prompt the broker to look elsewhere if need be.
At Sintex we have a diverse product offering (commercial and residential) and we are seeing the advantages this has for brokers, especially when loans are not crosscollateralised, like the banks typically insist on.
Smaller broker groups are quick off the mark to make the change and extend their lending offerings. We are seeing good-quality business being sent to us that would normally go to the banks or other lenders.
Brokers don’t seem to face the same types of obstacles that larger companies face; they simply include the product in their product suite, tell their network and referral base that they now offer alternative options, and immediately see the enquiries come through.
It’s a delight to see that brokers are breaking down the barriers and misperceptions that commercial loans are difficult.
Take the initiative and talk with the team at Sintex. We are, and always have been, in business for relationships, and this helps us build a great rapport with our network.
We are transparent and willing to help, which I suspect is the reason why we are seeing an increase in volumes and accreditations.
Our niche is small-ticket, non-specialised commercial loans; therefore keeping it simple makes the process for the broker and the consumer easy. We have and always will have quick turnaround times, and this ensures a positive outcome all around.
Tristan O’Bree, our new BDM in NSW, has a ‘can-do’ attitude. He is service-focused and ready to help out in any way he can. He’s breaking down barriers, and as a result we have had brilliant feedback on his service levels.
If you have thought about Sintex but haven’t made the change, then don’t stand back. Take a leap of faith – you will be pleasantly surprised.