Royal Commission revelations: who do I work for?
On September 28, Commissioner Kenneth Hayne released his interim report into the Banking and Finance industry which, at this stage, raises more questions than answers. The final report is due out in February, 2019 however with all the media commentary, I thought I’d take the opportunity to highlight a few things that as your broker, I am particularly proud of in the wake of all this turmoil.
While the interim report outlined that brokers play “important roles in the home loan industry”, one main question was raised for the broking sector - who does a mortgage broker work for - the bank, or the customer?
To be crystal clear, I work for the customer. I don’t work for a bank. In fact, Loan Market is not a bank - nor does it have any bank ownership, not wholly or partially. We’re a home-grown Australian company, still proudly 100% family owned and operated.
The wonderful thing about being a family business is that families take care of families. And that’s what Loan Market has been doing for 23 years - helping Australians find the right loan for their goals and importantly, each unique situation.
While we’re not owned by a bank, we do have one of the biggest lending panels. This means our clients can select from over 35 lenders, from the Big 4 to the smaller lenders - all in one place. It’s our job as brokers to keep the market competitive and negotiate with all the lenders on your clients behalf. As a broker that is in no way affiliated with the banks, my business creates vital competition to keep the industry fair.
Finally, I’m in business for the right reasons - your clients. My livelihood is reliant on your positive referral so I’m motivated by you. I live for securing the right finance for your clients. In 2017/18, Loan Market helped over 23,000 Australians secure finance - and those people were happy with the service they received with 9 out of 10 customers recommending Loan Market’s service to family and friends. Plus, our score on ProductReview.com.au is 4.8 out of 5 stars and has been for 5 years - it’s the highest score in our field.
So if you’re questioning the banks, you’re not alone. Australians are voting with their feet - last year, over 53% of Australians worked with a broker to help navigate the lenders and negotiate a competitive deal. You can understand why! As the banks continue to have their reputation and scandalous behaviour paraded in the media, customers are rightly looking for a partner to help them secure the right loan for their situation.
That’s where I come in. Because you can have confidence that I work for your clients.