Leveraging Policy Niches to Improve Client Service and Satisfaction!

Let's talk about leveraging Policy Niches to Improve Client Service and Satisfaction!

As mortgage broker Support , we often encounter unique challenges when working with self-employed clients, particularly those who are company directors. While the business might be profitable, business liabilities can sometimes limit borrowing capacity.

This is where understanding and utilizing?policy exceptions, like the?"Director's Wages Exception" can make a significant difference in achieving faster approvals and increasing borrowing potential.

I recently worked on a home loan application for a self-employed client who was drawing wages/pay slips from their own company. Despite the business trading profitably, business liabilities were holding back their borrowing power. However, by leveraging the?Director's Wages Exception?policies from leading lenders such as NAB , Commonwealth Bank , Bankwest, ANZ we were able to help the client secure the borrowing amount they needed.

A Few Key Points About These Policies:

Bankwest?offers a fantastic policy where clients can use the most recent pay slip (within 45 days) for income verification. This helps streamline the approval process, even for clients who may have fluctuating business performance.

NAB?takes a more flexible approach, considering the?average wages?over the past 180 days or wages received in the most recent financial year, which can smooth out any irregularities in income and make it easier to qualify for higher loan amounts.

By understanding these policy niches and using them effectively, we can deliver quicker approvals and enhanced borrowing capacities for our clients, even when their business financials are more complex.

It’s all about knowing the options available and tailoring the solution to meet our client’s needs.