Happiest clients: Mum and son under one roof

Brokers are like doctors: Don't prescribe a lender until you've diagnosed the problem, says broking director Bernard Desmond

Happiest clients: Mum and son under one roof

An adult son and mother were about to move into a common home when their bank denied their finances at the last minute. This unfortunate incident came after they’d spent weeks doing follow-ups and paperwork with the lender.

The man, an only child, wanted to be close to his mother so he could look after her in retirement. The mother wanted to move out of her old house where she’d grieved her late husband.

The son and mother got their plan back on track when, through their selling agent, they met Feedback Finance head finance specialist and director Bernard Desmond.

Desmond learned that their application was never properly considered by the major bank because it failed to meet the bank’s lending guidelines and policies.

“This is the real value that brokers bring to the table. We can be the link between a lender and the customer, and match them with each other. We know the lending policy and the customer situation better than anybody else,” Desmond told MPA.

With banks constantly changing their policies, customers can’t keep up with the lending landscape without seeking professional help, Desmond said.

A solutions person
When Desmond saw in the mother’s eyes how much she wanted the house, it further fuelled his desire to find a solution. The application required a lot of investigation and teamwork, but in the end, Desmond was able to get his clients a deal with fewer fees and charges than what was originally offered.
The deal got approved in less than a week after it was lodged. “We have a 100% strike rate in our business because we take time to understand the situation before we approach any lender,” Desmond said. 

Desmond said he looks forward to seeing the woman live her retirement in comfort with her son there to help.

Desmond sees himself more as a solutions person than a salesperson. If his clients had not consulted a broker, they wouldn’t have known their options – much less got their loan approved on a tight timeline.

“Just like a doctor, I won’t prescribe a lender to a borrower unless I’ve diagnosed the problem,” he said. 

Communicate and explore
In making a deal, working closely with lenders and learning their policies is equally as important as educating clients and asking them a slew of questions. Desmond will not submit a deal unless he gains a full grasp of his client’s situation.
To provide an exceptional customer service experience, Desmond suggests keeping communication open and setting real expectations with clients. “Don’t say no to a deal until you have explored every single avenue.”

In MPA’s happiest client short story series we showcase 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: [email protected].