Personal loans can meet a myriad of customer needs

The pandemic has changed the way we work and brokers have had to adapt to meet the changing needs and expectations of clients. Alf Vasta from MoneyPlace points out how having personal loans in their toolbox can be beneficial for a broker in any scenario.

With the new year fast approaching and Australians enjoying more freedoms, brokers have the opportunity to help more clients with a spectrum
financing needs.

Whether they’re looking to fund a delayed vacation or celebration, strengthen their financial situation, or prepare for future expenses, today’s customer is very different, and so are their financial expectations and needs.

When brokers add personal loans to their offering, they have the opportunity to offer more holistic solutions that meet a myriad of financial needs.

Here’s how:

  • You name it, we can fund it

At MoneyPlace, we’re proud to say that we can fund almost anything, as long as it’s legal. We can consider everything
from debt consolidation to financing spreads, asset purchases, travel, medical bills, weddings and more.

Growing demand and competition in the real estate market means borrowers are looking for every possible benefit. A personal loan can be the secret weapon that helps your client get ahead of others and step into their dream home in the midst of chaos. Used as spread finance or to help build a deposit, buy off plan, or lock in a pre-approval, a personal loan could make a difference.

The flexibility of personal loans means that they can be combined with other products as part of a personalized financing option tailored to a client’s unique circumstances. The accessibility of large loan amounts makes personal loans perfect for gap finance solutions. A customer can use a personal loan to lower their LVR enough to avoid having to pay LMI and improve the rate offered for a home loan. A personal loan can also cover any unforeseen costs such as stamp charges.

  • Flexibility to adapt to more clients

With a MoneyPlace personal loan, you have the option of choosing a type of loan that is or is not guaranteed, the length of the loan and the frequency of payment. Customers also have the added benefit of being able to repay the loan without any exit or discharge charges.

Consolidating multiple debts into a long-term personal loan can increase a client’s cash flow by reducing monthly expenses. This can set up their financial position for any future decision such as a home loan or asset purchase.

And, with the ability to offer up to $ 80,000 per person or $ 160,000 per household, MoneyPlace personal loans are easy and affordable, offering some of the lowest rates on the market.

At MoneyPlace, brokers can choose between a simple secured loan and unsecured options. Secured loans provide additional flexibility as they can be used for multiple purposes, not just to purchase auto assets.

Whatever the purpose of the loan, using an existing unencumbered vehicle, for example, can help your client get a secured loan with a higher loan and possibly a lower rate. Our secured loans also do not benefit from any exit or discharge charges.

Brokers have an incredible advantage with personal loans
in their toolbox. These can offer a comprehensive financial solution and a tool for building long-term relationships with clients. Personal loans can be used throughout a client’s life, whether it’s buying a car, getting their finances in order for their first mortgage, refinancing, or responding. other financial needs as circumstances change.

  • A smarter way to refinance

For a client looking to refinance, a top-up may be a strategy to consider. A personal loan can give them access to funds now, while a refinance can take up to four months.

For example, if a client needs to refinance to do home renovations, a personal loan can allow them to continue with the project, and the broker can then request the refinancing with a more attractive real estate valuation. Once approved, the personal loan can be consolidated into the home loan, providing a flexible and efficient option with no exit fees.

One of the strengths of personal loans, especially from MoneyPlace, is their quick turnaround times. For clients who need funds quickly, for whatever reason, we can process loans in one to two hours, with some closing in a record seven minutes.

  • More referrals = more business

With the ability to offer personal loans, brokers have an increased opportunity to use their contacts to help create new market flows. They can reach out to their local suppliers, such as pool and spa suppliers, solar panel installers, and even their local accountant to offer simple and flexible solutions to their customers. This can provide instant business for brokers, while also helping them to nurture new relationships and referrals.

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