Powered by MOMENTUM MEDIA
the adviser logo
Broker

Broker donates trail to charity

by Reporter5 minute read
Money, cash, donation

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.

To continue reading the rest of this article, create a free account
Already have an account? Sign in

“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.

Advertisement
Advertisement

“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]

Broker donates trail to charity
moneyinarow
TheAdviser logo
moneyinarow

JOIN THE DISCUSSION

You need to be a member to post comments. Register for free today

MORE FROM THE ADVISER

mark pesce futurist ajxjkn

Automation is changing, not replacing, the role of finance brokers

On Thursday (4 August), the Australian Financial Review (AFR) ran a story with the headline: “Finance brokers top...

READ MORE
des hang carbar zaheer jappie carclarity ta qtvnqr

CarClarity confirms partnership with car subscription platform

Established in March 2020, CarClairty is a finance platform that connects car buyers with more than 30 different...

READ MORE
anthony albanese profile ta vtpifc

Further grants confirmed for flood survivors, $47m pledged

According to a statement released by the federal government, the Back Home grant will be made available to impacted...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
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