How to help your consumer clients in the new BID environment?

Let’s face it: the new BID environment made it very challenging for mortgage brokers to write a personal loan. Writing a loan takes a lot of work so it’s only natural that we have to factor our time and effort into our remuneration. 

With the extension of BID, brokers are required to dial down interest rates on consumer finance loans to the maximum amount which means brokers are not fairly paid for their time in the consumer lending space. After all, every business needs a healthy profit margin and this remuneration structure just won’t do. 

Most importantly, to ensure Best Interest Duty compliance for personal loans, a broker needs to maintain a large panel of lenders to be able to give the best options possible to each client across different eligibility scenarios. Keeping up with personal loan rates and products across all these lenders is time consuming. 

Subsequently, BID has dissuaded many mortgage brokers from engaging in asset finance which means that they are missing out on revenue and the chance to help their clients. 

So what can be done?

We need to find what works best for us so that we are not wasting resources writing loans for free. At the same time, we also need to stand by our values of the broker community and make sure that our clients get the best product that suits their needs. 

Thankfully, there is a new pathway to continue serving your asset finance clients and earning an income stream at the same time. 

Finance and Coffee has a partnership with an awesome company that designed an excellent tool that will take care of your clients and give you an upfront commission per settlement. 

It’s called the Money Matchmaker™. With a panel of 11 lenders and growing, Money Matchmaking helps your clients research thoroughly and make decisions on all types of Asset Finance. Benefits include: saving time and effort; peace of mind knowing your clients have access to the most comprehensive tool out there AND earning passive income just by referring clients.

Here’s what you need to know

As a broker, you can register to receive a unique link to the Money Matchmaker™  engine - which you simply send to your clients to receive their best personal loan offers after going through a basic fact-find, 100% online. 

Money keeps you up to date throughout your client’s loan journey. Rest assured, only the lender your client chooses will make contact with them, they won't be inundated with unwanted calls.  

Best of all, both you or your client don’t need to pay any fee to use Money Matchmaker™– just use it for free. A referral fee is earned when your client takes out a loan with their chosen lender which is shared with the referring broker. 

If you think it is certainly worth pursuing, start referring clients to Money Matchmaker™ today. Head over HERE to register!

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