19,000 + you: standing out in the crowd

Before setting out on their finance journey, borrowers used to draw-up pros and cons columns to decide whether a banker or broker was best for them.

Brokers won the public vote, with the most recent MFAA data showing the channel originated 71.7% of home loans in Australia over the six months to September.

In turn, the question for customers has now become ‘Which broker is best for me?’

And with the MFAA also confirming broker numbers have increased by 5% to more than 19,000, it’s harder to stand out from the crowd.

Brokers need a unique selling proposition (USP) that delivers on the holistic needs of clients.

By diversifying their services, catering for the broad finance needs of their clients will build stronger client relationships, ride-out market fluctuations and build bigger businesses.

They need support and training that underpins professionalism, arming them with the  knowledge and confidence to deliver outstanding results every time.

And by delivering a memorable customer experience, they’ll build social proof via online reviews that puts them on the shopping list of clients.

A customer experience that people talk about

An amazing customer experience is the beacon for prospective clients. It’s clear that Loan Market brokers have set the benchmark on customer experience with the network averaging +97 Net Promoter Score compared to the industry average (+53).

Studies have shown 81% of customers read online reviews when choosing their broker while 74% say positive local reviews make them trust a business more.

Positive reviews are testament to the broker’s proposition. Loan Market Geelong’s Head broker Sarah Thomson, Broker of the Year at Victoria’s Better Business Awards, has inspired her team to provide an unmatched experience for their clients. Collectively, the business has generated almost 600 five star reviews on Google, with the social proof helping to drive more than 850 lodgements last calendar year.

New customers contacted Loan Market Geelong after seeing comments like “they took the time to ensure that I knew what was happening every step of the way”, “we wouldn't be in our current position if it weren't for Sarah's help and expertise” and “we have spoken to many mortgage broker's in the past, and none compare to this amazing company”.

Loan Market supports its brokers with a Kaizen-driven blueprint which places importance on the customer experience at every point in the financial journey.

It makes the lodgement process super smooth for brokers, support staff and the clients:

• The Hello Pack: Introducing the broker to the client, it includes the Online Fact Find, CX-friendly online document allowing clients to share necessary documents safely and efficiently. There’s no double handling of information and, most importantly, not a shred of paper shared;
• Nurture: Clients that aren’t ready to proceed receive educational content every fortnight that helps them get prepared to lodge and learn more about the intricacies of finance. Content is segmented to reflect the individual client’s situation: first home buyers, upgraders, investors and refinancers. It helps clients to successfully lodge faster, keeping their borrowing goals on track;
• Goal Setter: A digital meeting companion that helps the broker and client discuss their preferences, ambitions and goals in an exercise that is Best Interest Duty compliant. It documents all the discussions to help Loan Market brokers make their decision;
• Game Plan: The sophisticated, data-backed document outlines to the customer the recommended products and lenders that best suit the objectives outlined in Goalsetter. It’s easy to read and jargon-free, supporting buy-in from clients;
• Property Reports: Once a client is pre-approved, brokers have access to PriceFinder data to prepare suburb reports that are relevant to where the customer is looking to buy;
• Stay In Touch: Once the client has settled, Stay in Touch keeps the relationship close via ongoing automated communications around important after-care topics: do they need finance for a new car, are they looking to renovate, are they thinking of refinancing, and more.

Asset Finance - leveraging existing client data for greater convenience

Heath Williams from Loan Market Newcastle CBD, recently named NSW Regional Broker of the Year at the 2023 Better Business Awards, was in motor dealership finance before transitioning to mortgage broking.

Asset Finance is a valuable addition to any brokerage, but a fast-moving specialisation. Being out of the game for a few years, Mr Williams chose to appoint a specialist to deal with all Asset Finance deals.

The appointment has deepened the relationship the brokerage enjoys with their home loan clients.

“From the client’s perspective, they’ve already been through the finance process with me and have had a good experience,” he said.

“When we already have all their information in the system, it’s easier for them, and for us, to take that existing information and deliver a vehicle finance solution, as well.”

After 12 months, Loan Market Newcastle CBD’s Asset Finance function has become self-sustainable, he said.

“The Asset Finance business has built-up simply on the back of our mortgage book. We do have some mortgage brokers refer to us and I see that building-up further.

“If you’re not writing it yourself, you should be offering it and referring it to someone who will look after your clients for Asset Finance.”

All Loan Market brokers can now take-on Asset Finance requests with the support of the dedicated Loan Market Asset Finance. The specialist unit provides the leading platform for asset finance and personal loans - which integrates seamlessly with MyCRM - and specialist trainers to improve brokers’ competency.

Loan Market brokers can also refer clients to Loan Market Asset Finance where colleagues, who are experts in Asset Finance, will write the deal for them. (Separately, LMG brokers have access to LMG Asset Finance’s team).

Commercial Finance - becoming trusted advisers for the client’s holistic goals

Loan Market network business Marquee Group was recently announced as a finalist in the Victorian MFAA State Awards in the Diversified Business category.

About a quarter of Marquee Group’s volume over 2022 was for commercial finance: property development, commercial real estate acquisitions and SME lending.

“We opened in 2020 and from the outset we recognised the importance of being able to service the needs of clients beyond mortgages,” said co-Director Jonathan De Sensi.

“In our first meeting with a new client we rarely talk about rates or lenders. We spend time finding out from them everything about their home loan needs, investment ambitions, business needs and more.

“If a client holds two or three products with us, and we look after them well, they’ll stay with us.

“When you become a trusted adviser to a client across their various finance needs, you ensure their various commitments complement an identified goal, rather than being debts that exist in isolation.”

Marquee Group’s capability in commercial finance has seen them attract clients as diverse as surgeons and property developers.

The Loan Market network is able to utilise the experience of LMG Commercial’s state-based specialists.

The specialists strengthen brokers’ commercial lending expertise via professional development sessions, support, tech training and lender engagement. LMG Commercial’s team helps brokers differentiate themselves in the market by being able to support their clients’ business and commercial investment ambitions, as well as their home loan needs, for a holistic finance experience.

If you want to stand out from the crowd, talk to the team at Loan Market about how our service plans can boost your business.