Broker offers borrowers second chance

One of the best things about being a broker is helping borrowers who have faced a loan rejection in the past get “a second chance”, says Rojan Paudel.

“Most clients I have helped came with a unique situation,” Paudel said.

“Helping clients with the biggest purchase they make in their life is a rewarding experience. In most cases, I’ve helped clients who faced rejection from other lenders and secured them a second chance at mortgage approval.”

Paudel, a broker with Home Loan Experts, has been in the finance industry since 2015, and started working as a mortgage broker in March 2021. 

His business covers a range of different areas including first home buyers, investors and SMSF.

Paudel said he had dealt with a range of different circumstances including borrowers with low deposits, those wanting no deposit loans or refinancing, temporary residents and expats, as well as those with a bad credit background or people looking for non-conforming mortgages, equity release, guarantor home loans or waived LMI.

Read more: Can you get a home loan with bad credit?

Broker clients drawn from all over the world 

While he is based in Sydney, Paudel, who was an excellence awardee (finalist) in the Pepper Money Broker of the Year – Specialist Lending category at the 2023 Australian Mortgage Awards, has clients across Australia, as well as Australian expats in Singapore, Hong Kong, USA, the Middle East, Europe and Kenya.  

“Last year, I was helping existing clients get a better rate, restructure their loans and help them buy investment properties,” Paudel said.

“New pre-approvals have not converted as many clients struggle to find property since stock is low. Clients who work with buyer’s agents are most likely to find a property that they are keen to buy.”

According to Paudel, one of the key issues facing brokers at the moment is helping clients navigate the market – at a time when they may have a reduced borrowing capacity. 

Increase in first home buyers

 Paudel said he had noticed an increase in first home buyers and buyers looking to purchase property interstate.

“The properties in most demand are those in areas that show promise of capital growth,” Paudel said.

Paudel said there was no doubt that the run of interest rate rises, including the last one in November last year, had affected the sector.

“There was an increase in refinances last year,” Paudel said.

“The difficulty in finding suitable properties within their budget, coupled with a decrease in borrowing capacity due to the rate hikes, created hurdles for many potential buyers.

“Now, there’s momentum building, as pre-approvals are rising again, and people are eager to enter the market.

“The biggest challenge they face right now is the limited availability of housing stock.” 

Brokers need long-term client goals

When it came to growing his business, Paudel said it was important to develop and implement a long-term client plan, where their future financial goals were anticipated and addressed. 

“Many people may be seeking information before they are ready to make a decision,” Paudel said. “Providing guidance at this stage can build trust and position you as a valuable resource when they are ready to proceed.”

When starting out in business, Paudel said it was often necessary to work long hours and some level of sacrifice was necessary.

“Once you grow your business and have a team of experts to support you, tasks can be delegated, and the workload can be less,” Paudel said.

“However, the nature of a mortgage broker's work often involves accommodating clients’ schedules, which may extend beyond standard work hours for example, clients with essential service jobs may require communication outside regular business hours.

“Being available and responsive to clients' needs is crucial for providing excellent service.”

Paudel said the broker sector brought many rewards.

“I personally feel the best when I have helped clients prepare for the home buying process even if that means taking more than a year to help them prepare,” Paudel said.

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