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Case Study: Using Asset Finance to add value for your clients
November 27th, 2017
Connective Broker: Geoff Wood, Director – My First Property Finance.
There are many benefits to diversifying your offering with Connective Asset Finance.
- It’s a simple way to create more revenue opportunities
- It allows you to generate more sales from your existing database so it’s low cost, and perhaps most importantly
- It’s a great way to add value for your customers to aid in retention and generate more referrals.
Connective Broker Geoff Wood, Director of My First Property, is seeing the rewards and benefits of using it to add value for his customers.
Geoff said “the benefits of asset finance to my customers has been enormous. I am quite sure their satisfaction levels will translate into repeat business and plenty of referrals”.
This case study shows exactly how useful a broker can be to a consumer outside of the home loan space.” Geoff adds
Case Study: Saving $11,600+ for Matt the Plumber
Matt was referred to My First Property Finance to arrange finance for the purchase of his first investment property. During our fact find conversation at our first meeting, Matt revealed that he had recently purchased a brand new Mazda from a dealership, utilising finance from the dealership via BoM.
Matt told me his repayments were a whopping $1,053 per month on a five-year term loan. So I got Matt straight on the phone to BoM to find out what his interest rate was.
And OMG it was 14.5% pa!
Clearly the car dealership was looking after its own interests and not Matt’s when they organised this loan! Thanks to the ease of using Connective Asset Finance, I was able to refinance Matt’s car loan quickly. Across the remaining term and after all costs, I was able to save Matt $11,656 on the life of his car loan. And of course, we reduced the size of his car loan repayments in the process, which in turn made his property investment plans more affordable.
However, because of clearing up this car loan issue, the assistance I was able to provide Matt did not stop with this saving. During the performance of our due diligence for the new car loan, we discovered that Matt’s identity had been stolen and a third party had incurred defaults on his credit file. We were therefore able to get this rectified quickly and prevent it from causing issues with the application for his property investment loan.
Because I have added Connective Asset Finance to my offer, I was able to give Matt a much more comprehensive service. The good news for Matt was:
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The good news for My First Property Finance is we made two commissions from one client meeting, and there was an immediate increase in referrals. We are now providing service to a number of Matt’s friends and family members, for both their home loan and asset finance needs.