Our team of bridging specialists are here to help.
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Author, Stephen Doyle, Bridgit Head of Distribution
I recently had the pleasure of embarking on a road trip with the Bridgit team to meet with our partners and educate them about the Bridgit solution. Along the way, I gained insights into the top trending topics amongst the broker community.
Here are the top talking points I came across on the Bridgit Roadshow.
All About Payroll Tax
One major talking point across NSW is the payroll tax issue. All aggregators could be liable to pay payroll tax, which has become a critical issue for the broker market. Aggregators are lobbying parliament to remove this tax, and we hope a resolution will be reached soon. Time will tell, and I will be keeping a close eye on this one.
The Mortgage Cliff
Another concern for brokers is the mortgage cliff. Clients are coming off fixed rates under 2% and jumping onto rates over 5%, which is a significant increase. Brokers are looking for ways to support their clients during this transition period and working to find solutions to help them. Client well-being is at the top of the broker's mind, which is great to see from our partners.
The Buoyant Refi Market
While the refi market is currently buoyant, it is highly competitive in price. Everyone's talking about it. Cashback offers are everywhere, and brokers are constantly evaluating the options for their clients. Cash backs are an interesting proposition; yes they might provide support for clients with an injection of cash, but is it more important than a better rate and trusted lender for the long term? Personally, I'm not a massive fan of the cash flow tactic. Make sure you do the numbers when considering this for clients.
The Critical Need for Bridging
I had some great discussions on the importance of diversification in broker offerings. Talking about how bridging loans, for example, have become critical for some partners and their clients. This helps brokers find new ways to create business and gives their clients more choices when making their next step. In the last month alone, we have offered solutions for many problems, from helping due to delayed settlements, finance approval falling through, or a delay on the sale of a property.
The Rise of the Downsizer
The downsizer market is growing, and there is noticeably a rise in clients who are unable to get approvals from traditional lenders (everyone's talking about it!). Here is my take on it - Bridging loans offer an excellent opportunity for downsizers to make their move; when Bridgit does a downsize assessment, no servicing is required on income or expenses, and the loan is secured against the properties. Unlike a traditional lender, we can help. Not only do we provide downsizers a finance solution, but we also remove unneeded stress and costs - no rentals, no double moves, and no time out of the market.
The Perfect End-to-End Solution
There has been a lot of talk about the end-to-end lending process and how technology is being used to provide more accessible solutions, not just quick approval but service across all levels of the lending process. My key focus areas are simple:
Speed = convenience & opportunity, but it needs to be consistent across the entire process.
Service is #1 - You'll never be on hold with Bridgit, and you will be supported the entire way.
A quick yes or no - We don't want to waste our partners' time, so we will tell you upfront what needs to be done to make the scenario work
Cyber security
There have been several customer data breaches in the last few months, making it a top talking point with brokers who want to ensure their customers are safe and secure. Great to hear from industry bodies and experts on this topic to support the broker network. Remember, brokers are just as much a target as the lenders. Keep your customers' data safe!
What is Bridgit's point of difference?
We are the first non-bank lender to solely focus on bridging as a solution and build a product made for today's modern customers..
Our solution is tailored so that we can help a variety of customers, allowing more people to buy before they sell and enjoy the benefits of bridging. Whereas with other lenders, there are various restrictions; for example, you must have a contract of sale, you must have end debt and lock in on a 30 year term, you must be an existing customer.. The list goes on.
One point to highlight is also our speed, thanks to our tech we can provide approval within 24 hours and settle the loan in a few days. We have helped many customers out of tricky scenarios, whether that be a delayed settlement or a buyer dropping off.
How would you position the product to a customer?
The buy now sell later solution is a better way for homeowners to make their next property step and buy on their terms. 3 key points to support this are:
Our product is structured to support the customer on their buy now sell later journey; we offer 60 days interest-free, which gives the client a transparent cost and flexibility of time to arrange their sale.
Our process is simple and removes the hassles you traditionally encounter with a bridging loan. With 24-hour approvals, completely digital application management, and the ability to be funded in a few days.
It is our mission to help people buy their perfect next home on their terms.
As a non-bank lender, how would you highlight trust and reliability?
Overall, our roadshow was a great success. I loved connecting with our amazing and smart partners. Looking forward to the next one.
Interested in learning more about the Bridgit solution? You can contact the team and I directly on 1300 141 161.
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