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Promoted by ANZ – Business Loans
With over 19 years in finance, Director of Infinity Finance Solutions, Sukhi Singh has always known that in business, “over communicating does not exist”, so when COVID hit, his business was quick to respond to support their customer base.
The importance of relationships:
Reflecting back on March, COVID taught Sukhi and his team of four the “power of human adaptability”.
In order for his business to continue supporting their clients, Sukhi says “the main thing was just making sure that we reinforced to our clients that we were available, and the banks were still open for business.”
When thinking about their role in the client-finance journey, Sukhi views himself as the client relationship manager.
“We are not transaction based, we don’t just do a loan and disappear forever.”
Recognising the key elements to both his business and his strong broker-client relationships, Sukhi has learnt the importance of communication.
“Through my banking journey, one of the things I learnt is that you can never over communicate. Over communicating does not exist. No news is still news to somebody. Even if I have nothing to tell you I will still communicate.”
Looking to the future:
When considering the future, Sukhi has identified that for many of his clients who adapted in the right way are now flourishing from responding quickly and doing things differently.
“90% of our customer base are optimistic about the future and where things are at.”
Sukhi points out that those brokers who continue to prioritise education and the options available to their clients will continue to rise to the top.
“Finance is now a marketplace, there are a myriad of lenders... knowledge to a broker is key.”
“Most people don’t want to refinance for the sake of refinancing, they do it due to a breakdown in a relationship or they’re not getting the right service.”
ANZ Supports Small Business Customers:
When thinking about his target client base,ANZ’s recent policy changes concerning maximum loan terms and maximum interest only repayment terms have been important for his small business customers.
ANZ can provide eligible customers more options with an ANZ Business Loan of less than $1 million dollars when secured by suitable residential or commercial property. Customers may be able to get a maximum loan term of up to 30 years and/or an interest only repayment term of up to 10 years when the loan term is 20 years or more.
The “SME and middle market is our target market. Businesses probably would have struggled on a 15 year term but on a 30 year term it’s probably less than what they would have paid in rent.”
“They now can actually own their own commercial premises and they can become the writers of their own destiny in that respect.”
Sukhi’s Case study:
Details:
- Accounting firm
- Based in Western Sydney
- Looking to buy an owner occupied Commercial property
- Wanted to borrow $900k
Result:
- Utilised ANZ’s 30 year business loan term
- “They were able to manage their cash flow a lot better plus it gave the son the ability to draw funds to pay the father out when he does take over the business”
For further information on ANZs products, please contact your ANZ Broker Account Manager or Banker.
