A Western Sydney-based broker is donating 10 per cent of his trail commission to charity to help support victims of human trafficking and slavery.
Mortgage broker at The Loan Lounge Nathaniel Nhan Truong has revealed that he’s donating 10 per cent of his monthly trail commission to charitable organisations including A21 and The Freedom Hub.
“The charities do so much good work, with A21 working to free people from slavery while The Freedom Hub helps individuals recover from trauma, integrate them and prepare them for the workforce so they can get back on their feet,” Mr Truong said.
The former banker noted that his decision to donate trail to charity was borne out of his life-long passion to use his skills for the benefit of the community.
“When I was previously working for ANZ and Commonwealth Bank, I wondered about how I could best help others. I thought, ‘What am I good at? I’m good at ﬁnance. I’m good at lending.’ That’s when I came up with the tagline ‘finance a difference’,” the broker said.
Mr Truong also highlighted the role that brokers play in improving the lives of consumers, and he referred to one case in which he delivered a positive outcome for a non-resident business owner couple.
The customers wanted to buy a Sydney commercial property they were renting for their business but were prevented from doing so by major banks refusing to accept mortgage applications from non-residents, despite the fact they had placed a 10 per cent deposit on the property.
“It emerged they had become so exhausted by the lack of options, they were about to pay a private lender $20,000 upfront to get a deal approved and over the line, with ongoing costs of 2.5 per cent interest per month,” Mr Truong said.
“We had to think outside the box and draw on our commercial experience to make a deal work. Because the couple were purchasing an owner-occupied property for their business premises, they were no longer paying rent.
“Therefore, that money could be taken out of their ongoing expenses and considered as income, further boosting their serviceability.
“We also structured the loan over three years to give the bank comfort around the couple’s visa situation and ensure the loan would be paid off regardless of the visa’s renewal.”
The Sydney broker noted that the clients own their own business premises and have permanent residency.
“We are currently looking after their first land and house package and renegotiating the commercial loan over a 15-year term.
“We are very pleased with the outcome as there was a clear benefit for all parties.”
[Related: Aussie extends partnership with OzHarvest]
MyState Bank has hired the CEO of RateOne and former NAB head of ...
Sydney’s mayor has urged the federal government to resurrect Jo...
An executive from buy now, pay later provider Zip has echoed repo...