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

Must Read

data banking CDR
January 20 2022

Sherlok secures access to open banking data

The mortgage technology provider has tapped into open banking data, which will power its single-clic...

money grants
January 20 2022

Grow Finance concludes $35m capital raise

The lender’s co-chief executive believes this will sustain growth as it aims to secure 1 per cent...

Siobhan Williams 850 ta
January 19 2022

Pepper names mortgages head

The non-bank lender has appointed a new head to lead its residential sales team for mortgages. ...

property buying home
January 19 2022

Tasmania rolls out granny flat grants

The state’s government has thrown support behind the construction of granny flats, presenting the ...

finance education
January 18 2022

Asset finance accreditation the next ‘battleground’: CAFBA

CAFBA has underscored the importance of education for brokers diversifying into asset finance, as th...

signature
January 18 2022

Brokers drive origination growth for Prospa

The non-bank’s latest quarterly figures mark a year-on-year growth of 85 per cent, with the bulk o...

Latest Podcast

Damien Roylance

RECEIVE BREAKING NEWS DIRECT TO YOUR INBOX EACH DAY

SUBSCRIBE

Website Notifications

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

Why this elite broker offers budgeting advice

meeting meeting
Reporter 6 minute read

A WA-based broker and elite business writer reveals how offering financial advice and a budgeting service has helped create sticker clients.

Speaking to The Adviser, Kevin Gomer, managing director of Nicheliving Home Loans, revealed how offering his clients – and would-be clients – a budgeting service and education around saving has created more loyal clients. 

The WA-based broker, who featured in the Elite Business Writers ranking last year, explained: “We were getting plenty of inquiries about savings history, and a lot of people coming to us for a home loan just didn’t know how to do it. 

“They just had no idea about money or how to save and we really had to get down to breaking it down to almost daily amounts . . . by just saving five dollars or ten dollars a day.” 

Advertisement
Advertisement

Stating that he was frustrated by the costs some budgeting service providers were charging his clients, especially when they were trying to save money, Mr Gomer started his own education and financial advice programme. 

“We're very lucky in WA that we have state bank here where you only need one per cent to get into the property market, so we thought if we could build up an army of people that were saving their money to get into a home, they only needed to save anywhere between $4,000 and $6,000 dollars, and we'd be building up a big client base of people that we could help with their home loans in the future.” 

Mr Gomer continued: “We genuinely want to help people get into the market, but a lot of people have no idea how to save or feel the amount they need to save is too overwhelming that they just give up. 

“So, we were trying to educate, saying that the dream might not be five, six, seven years away – it might only be 12 or 18 months away.” 

Working in tandem with his business partner Phil Stevens, who manages the investment and financial advice side of the business, Nicheliving Home Loans sets up savings plans and checks in with clients along the way to ensure that they are sticking to them. 

PROMOTED CONTENT


Mr Stevens said: “These savings plans and introductory meetings do take time and a lot of work. And while it’s an expense to the business and although you don’t get a direct return, you do get client retention and you do have a lot of internal referrals from those clients. 

“The benefit is that you might get one out of five [clients] that do listen and do come back for their loan down the line.  

Mr Stevens said that this level of dedication to clients does lead on to business in the future and results in clients referring them to their friends and network. 

He added: “Any mortgage broker can write a loan, but can they take you on that whole journey and give you that hand-holding when everyone else says no and take the time to get you on that pathway and take you to a yes? 

“There's a niche in the market for people who have been turned down by banks, or even brokers, because they might not have their finances in good check, to offer them a service where we can work with them and get them what they need. 

“There’s a huge amount of them in WA and people's situations do change . . . they do have windfalls, they do get higher paying jobs, etc. And that’s when it comes back to you and all make sense.” 

Are you an elite broker? The Elite Business Writers survey has become the essential indicator for the broking industry’s finest, evaluating Australia’s top business writers across a range of revenue streams.

Submissions for this year's ranking are open until Friday, 28 July 2017. 

Why this elite broker offers budgeting advice
meeting
TheAdviser logo

If you have ever considered how you could better service your SME clients but lack the knowledge or confidence to do this beyond referring them on, this is a must-attend event for you. Don't miss SME Broker Bootcamp, a jam-packed, free-to-attend, practical workshop. Register today and secure your place at this interactive, flexible, must-attend event.

meeting

 

Latest Opinion

nick Young

Glimpses into 2022: In the wake of the ‘perfect storm’

According to industry veteran Nick Young, Trail Homes, with so many concurrent pressure points, it’s no wonder that 2021 was the “perfect storm”...

Peter Cole

5 things to consider when choosing a credit repair agency

Credit repair and debt management have been going through an overhaul recently. But how do you choose a company to partner with? Peter Cole, director ...

Sascha moore headshot red

When coming of age is a curly beast

As women, we’re conditioned – and categorised, constantly. While it’s no different for men, for us, the effects are arguably often more far-rea...

LATEST OPINION

COVER STORY

Australian Broking Awards 2021

More than 700 people attended this year’s Australian Broking Awards in early December, with the leading lights of the mortgage and finance broking industry coming together for a long-overdue celebration of excellence

FEATURED ARTICLES

The rising need for LMI

Property prices have soared by over 20 per cent during the COVID-19 crisis, making it increasingly difficult for first home buyers to enter the housing market.

Freeing clients from the debt spiral

There is renewed optimism in Australia as we head into a new year and the country opens up to all Australians.

Read the latest issue of The Adviser magazine!
The number one magazine for mortgage brokers
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more