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Why Use Peninsula Home Loans

“Look what makes our business a bit different is we offer a couple of things for our customers … the first one being we offer a free conveyancing service, it’s not done by us but what we do is we contract it out to local generally local conveniences. They offer a free conveyancing service to them so it does save the client money but that’s not the sole purpose around this, we set this idea up because what we found was there’s a lot of settlements that don’t happen on the day they should, and there’s a lot of stress put on the client, well then they are buying a home so our aim was for us to be able to work closely with the conveyancer, build a relationship so they know how we work, we know they work and we can alleviate the stress from the client and ensure that we make the settlement happen.”

“And in just over three years that we’ve been running this promotion we’ve not had a settlement not take place on a day it should have. It came about actually from when I bought my own home and I found the process quite mishandled, I obviously handled my own finance but we used another conveyancer and I found it quite stressful in places where it didn’t need to be stressful, where there is information that the broker has or the conveyancer has and either person just needs to have that relationship where they can share it without bothering the client, now if we need to take information to the client we will but we try to keep them away from the stressful process.”

“But four years ago I worked for one of the largest mortgage broking companies in Australia, I did my training with them and then I worked with them for a period of time and it was whilst I was working there that I noticed that I felt it could be done different and it could be done more to benefit the client than it already is. So I decided to go back into small business and set up this mortgage brokerage company and offer a service that benefits the client and not just the banks.”

“The other thing we offer is free refinancing, and recently with the recent rate changes that’s a good example we’re not all banks pass on the full rate cut or the rate cut at all, so where you’ve got a lender who is very competitive today they don’t necessarily remain competitive in the future. So what we did was we found that every time someone refinances they’ve got to spend money on discharging their title, put in a mortgage against the title, the bank will charge them a discharge fee, the new bank will charge them an application fee, these are all costs that mount up, so what we’ve done is we pay these costs, this excludes fix rate costs obviously because that’s a contract for a set period, but your typical refinancing costs we will pick that up which saves the client from being locked in and feeling like they are trapped by the lender, so they’ve got the freedom to follow and chase that cheaper rate the whole time.”

Written by

Stephen Bonfield, the Managing Director, previously worked for one of Australia’s major home loan companies as an independent mortgage broker. Steve used this experience to set up his own mortgage broking company - a company that places customer needs at the forefront.

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