Some real life client stories
Unrelenting exposure to advertising and sales pitches has made us a critical bunch. We’ve realised that we can’t believe everything we read or are told. Today, the reviews of our peers are more important than ever which is why sites such as Trip Advisor, Urban Spoon and Product Review are so successful. Real life reviews and stories are often the best way to showcase how a product or service can add value and we need to highlight these in our marketing materials.
Aside from this, friends, business partners such as yourself and potential clients often ask me for examples of how I’ve helped others get into their own home sooner, pay off their mortgage faster or become a property investor. This month, I’d like to share some client examples to show some of the ways I can help your clients as a mortgage broker.
Client case study one
Recently a client came to Loan Market frustrated because their current lender of four years would not reduce his existing interest rate of 5.02%. The client has a loan portfolio totalling over $630,000 and his loan to value ratio (LVR) is less than 80%. Due to his position, and with the current lender competition, he was rightly expecting an interest rate reduction by simply asking.
We were able to refinance him to a lender who offered an interest rate of 4.85% plus a $2,500 cash back. We were also able to negotiate a waiver of the first year annual fee. The total saving of this refinance will be over $3,000 in the first year and $800 every year following.
Client case study two
A couple of hopeful first home buyers with little savings had been told they were not worth the effort by other lenders. We recognised that they had an excellent income and capacity to save. With three kids they were very committed to buying a family home and we wanted to support them.
This case is particularly complicated because the couple both own their own businesses so documentation to demonstrate repayment capability can be more difficult. Loan Market developed a plan with the couple to position them for home loan approval. This will allow them to purchase their dream home by March 2015.
Client case study three
A couple we met had some minor defaults and their existing bank would not allow them to access the equity in their home. They hadn’t been educated on the best strategy to pay off their loan and how to maximise their offset account.
We were able to refinance their loan with another bank who could offer a more flexible repayment schedule and offset account, and lower their interest rate by 0.4%. The new lender also allowed equity to be released so the couple could renovate their home.