Lender’s promotion helps brokers “ensure retention” of clients

by Madison Utley09 Sep 2019

A lender is offering a special promotion to both show its support for the broker channel, as well as help brokers communicate to their clients they are committed to supporting their overall financial wellbeing.

Ratesetter is offering a GiftPay card valued at $150 and payable to mortgage broker clients from Monday 9 September.

“All eyes are on the mortgage broking industry following proposed best interests’ duty legislation and ASIC’s report into consumer experiences getting a home loan. Now is the ideal time for mortgage brokers to demonstrate value to their clients and ensure retention," said CEO of the peer-to-peer lender, Daniel Foggo. 

“That’s where RateSetter comes in. On top of offering the lowest car loan rates on market and the most loved personal loan product, we’ve come up with this fantastic gift card offer. When our brokers take advantage of this offer, they are showing their clients they are doing everything they can to give them a leg up and reduce living expenses.”

To be eligible for the gift cards, clients must draw down on their car loan before 31 October 2019.

After Ratesetter implemented its second notable interest rate drop this year, its car loan offering “is booming,” having recently passed 2,000 loans funded, a value of around $65m. However, the latest ABS data shows that the value of personal loans to households for motor vehicles has fallen by 3% to reach a four-year low of $1.2bn in July. Over the year the trend represented an overall decline in auto loans of 9.1%

Ratesetter's GiftPay card promotion is part of its plan to become “the go-to lender, satisfying a broker’s client at every stage of the financial life cycle,” said Foggo.

“Our car loan offering is core to that strategy. RateSetter’s range of low-rate personal, automotive and renewable finance offerings should be in every broker’s toolbox.”

RateSetter has now accredited more than 9,000 brokers across a number of aggregator panels.