Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Lender extends two-week settlement guarantee

James Mitchell 4 minute read

A leading non-bank lender has extended its two-week settlement guarantee after achieving a 100 per cent success rate in its first three months of operation.

Firstmac national sales manager Jake Sanders says every borrower who met the criteria, since its launch last October, had settled within the guarantee period and on or before the due date of settlement.

“When we launched this initiative, there were sceptics who doubted that it would be possible to guarantee such a short settlement but we have proven them wrong,” Mr Sanders said.

“We have managed to remove the risk of delayed settlement which, in the current market, is one of the greatest worries that borrowers have when they buy a home, and the feedback we are getting is fantastic.”

Advertisement
Advertisement

As a result of the success, the guarantee – which was due to expire on December 31 – has been extended to March 31.

“This guarantee was a response to brokers telling us that they want a faster turnaround from lenders with a set time frame to manage customer expectations,” Mr Sanders said.

“We have delivered that, allowing brokers to give their clients certainty around a very emotional purchase and eliminate the risk of potentially incurring thousands in penalty interest due to late settlement.”

Firstmac said it has been able to offer the guarantee because of a systematic drive to speed up its approval process by eliminating unnecessary steps and making internal processes more efficient.

The group recently launched a new online accreditation system that allows brokers to request accreditation, do the necessary training and gain full access to Firstmac’s broker site in 10 minutes.

PROMOTED CONTENT


The new system follows Firstmac’s complete revamp of its corporate and broker websites, making them easier to use and navigate.

[Related: New online accreditation system launches]

Lender extends two-week settlement guarantee
default
TheAdviser logo

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!

default
James Mitchell

James Mitchell

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.

He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.

James holds a BA (Hons) in English Literature and an MA in Journalism.

 

 

more from the adviser
SME small business

Breaking News

Mortgage brokers writing commercial loans hit high

The number of mortgage brokers branching into commercial loans ha...

tech tools

Breaking News

Asset finance neo-lender launches to broker channel

A new fintech backed by Resimac has launched, aiming to overcome ...

handshake news

Breaking News

ASX-listed lender joins FAST panel

A personal lender has become the latest addition to the aggregato...