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Vivienne Than is a senior mortgage broker at Home Loan Experts who specialises in niche loans. Winner of an excellence award in the Broker of the Year – Productivity category at the Australian Mortgage Awards 2020, she shares her views on BID and property tax, as well as her advice for new brokers
The NSW government is proposing an annual property tax. How will this affect the property market? It is expected to bring forward A demand as homebuyers won’t have to save as much. If supply levels don’t change, this will increase competition and put upward pressure on prices. There will also likely be increased demand from interstate buyers looking to invest and first home buyers looking to buy above the concessional stamp duty property price threshold. A long-term outlook on the NSW property market remains uncertain as the government is taking a hit on its coffers.
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What’s the best way for brokers to ensure that they comply with the best interests duty? By educating ourselves and A then our customers. The three tenets of BID – act in the best interest of the customer; resolve any conflict of interests in their favour; and the conflict remuneration rule – will differentiate us from the banks. Our customers will know that when dealing with us we’re acting in their best interest. Brokers must also establish a strong compliance process. That means taking notes after each conversation, establishing a timeline showing how you went from point A to B, keeping a record of what was agreed to and why, and most
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importantly, getting confirmation of the client’s decisions via email and saving those within your CRMs. With so much competition in the broking industry, how does a broker stand out from the crowd? Focus on a particular market A or niche. Great brokers aren’t all things to all people; the best tend to focus on a niche. Understand that you cannot do everything yourself. Brokers who’ll be successful will likely be those that focus on being brokers, ie by making sure that most of your time is spent talking to prospective customers, while letting someone else manage the administration, marketing and compliance. Utilising these resources has allowed me to spend more one-on-one time with my customers. My customers never feel like I’m rushing. This has not only allowed me to submit and settle more loans but it has also created a better customer experience.
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What advice would you give new brokers? Find the right mentor. You can A wrap your head around credit policies fairly quickly. However, you really need that ongoing support and advice to effectively work with all stakeholders, including advice on how to work with a client from a different background who has different needs; how to approach BDMs or the bank to ask for an
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Vivienne Than, senior mortgage broker, Home Loan Experts
“Find the right mentor. You really need that ongoing support and advice to effectively work with all stakeholders” exception to lending policy, and how to build and maintain a referral network to generate more leads. I recommend that you attend personal development or networking
events and be proactive in approaching other brokers. Or you can join an established brokerage such as Home Loan Experts to accelerate your development. AB
PITSTOP MENTORING Are you new to the industry, or simply keen to learn from experienced brokers who have words of wisdom to share? This is your opportunity for pitstop mentoring! If you have a question you’d like a senior broker to answer, contact us and look out for an expert answer in a future issue.
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