MPA speaks to Westpac state general manager Aaron Milburn on how brokers can make the most of refinancing opportunities.
MPA speaks to Westpac state general manager for NSW/ACT, Aaron Milburn on how brokers can make the most of refinancing opportunities.
MPA: What are the main motivations that make consumers switch lenders?
Milburn: There are a range of triggers for consumers to switch lenders, including change in circumstances, media commentary, a referral, or, most frequently, poor service or lack of personal service. Every consumer is different. When I started in mortgage broking in 2009 I was told of a deal called a ‘vanilla transaction’ – a deal that just fits the mould with no anomalies. I’m yet to see one. I am yet to see one because each client or family is different and requires an individual solution. The brokers and lenders that are able to recognise this will see consumer volumes and NPS scores grow substantially.
MPA: How can a broker market refinancing to consumers outside their existing customer base?
Milburn: The best way for a broker to do this in my view is to diversify; to offer that whole financial solution. whether that be from themselves personally or their network of contacts. For a consumer like myself the ability to do everything in one place with one person is a real selling point. It’s also valuable because it saves the consumer time. In an ever-increasingly busy world, time-saving is a true and measurable commodity. Referral by existing clients again is a sizeable opportunity – those that have their back book marketing for them and advocating for them will drive opportunity.
MPA: What is Westpac doing to attract consumers who want to refinance their home loans?
Milburn: Westpac is a bank with a history of helping Australians achieve their financial goals and dreams, and this remains our top propriety as we approach our 200th anniversary. We are a bank that provides not only competitive home loan solutions but one that will work to offer our customers a financial solution that fits their needs – whether that dovetails to what the broker has suggested from our product suite and service offerings or our various other channels consumers can interact with. It’s not a one-0 product solution at the Westpac Group. For us it’s about assisting in achieving our clients’ goals and aspirations now and into the future.
MPA: What are the main motivations that make consumers switch lenders?
Milburn: There are a range of triggers for consumers to switch lenders, including change in circumstances, media commentary, a referral, or, most frequently, poor service or lack of personal service. Every consumer is different. When I started in mortgage broking in 2009 I was told of a deal called a ‘vanilla transaction’ – a deal that just fits the mould with no anomalies. I’m yet to see one. I am yet to see one because each client or family is different and requires an individual solution. The brokers and lenders that are able to recognise this will see consumer volumes and NPS scores grow substantially.
MPA: How can a broker market refinancing to consumers outside their existing customer base?
Milburn: The best way for a broker to do this in my view is to diversify; to offer that whole financial solution. whether that be from themselves personally or their network of contacts. For a consumer like myself the ability to do everything in one place with one person is a real selling point. It’s also valuable because it saves the consumer time. In an ever-increasingly busy world, time-saving is a true and measurable commodity. Referral by existing clients again is a sizeable opportunity – those that have their back book marketing for them and advocating for them will drive opportunity.
Fast fact
Refinancing fell in May and June 2016, which CommSec attributes to refinancers holding on for further rate cuts.
Refinancing fell in May and June 2016, which CommSec attributes to refinancers holding on for further rate cuts.
MPA: What is Westpac doing to attract consumers who want to refinance their home loans?
Milburn: Westpac is a bank with a history of helping Australians achieve their financial goals and dreams, and this remains our top propriety as we approach our 200th anniversary. We are a bank that provides not only competitive home loan solutions but one that will work to offer our customers a financial solution that fits their needs – whether that dovetails to what the broker has suggested from our product suite and service offerings or our various other channels consumers can interact with. It’s not a one-0 product solution at the Westpac Group. For us it’s about assisting in achieving our clients’ goals and aspirations now and into the future.
