Happiest clients: Leaving no exceptions unanswered

Through simple discussion and coordination, this broker succeeded where another broker failed

Happiest clients: Leaving no exceptions unanswered

Laxmi Home Loans principal broker Kishor Acharya encounters various types of scenarios in his work. He puts one of his recent cases under the “quite strange” type.

A couple approached him a few months back because their previous broker failed to secure a $500,000 loan, even after trying two banks. Both banks declined the loan without giving a satisfying reason. The couple was simply told to return after three months, when the application could be re-submitted.    

Acharya told MPA he was shocked to find out that the couple’s situation was a very straight-forward deal. They had no kids; both worked full time, with the male holding an extra casual job for seven years. They had one credit card and one loan for an investment property in Victoria, with no late payments or any kind of default.    

Acharya said, based on experience, brokers in his situation would most likely submit the application to another bank. But he took the situation as a challenge and re-submitted the couple’s application to one of the banks they’d originally approached. He sought the support of the bank’s BDM, and thoroughly examined the application before submitting it.

“After going through the couple’s situation, I was confident I could get an approval — and I did,” he said. Soon after Acharya received nine exceptions from the bank, and discussed them with his clients, he got the application approved.

According to Acharya, brokers are not immune from committing mistakes, but they can always find room to rectify a slip-up. “The loan could have been approved earlier if the broker had answered all the exceptions properly, and had spoken with credit assessors and the clients,” he said. 

“Now the clients are super happy and are looking for their dream property.”

In MPA’s happiest client short story series we show-case stand out ‘client success stories’ from brokers and discover what they learnt along the way. Leaving aside the details of the deal, we explore the human side of the story and how brokers really make an impact in people’s lives. If you have a client story you would like to share please email the editor.