Chris Bates
speaker
1,659 appearances
5 recordings
1 series
first heard Jun 2021
last heard Dec 2022
Chris Bates’s voice in public audio — every appearance, attributed to the second.
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Appearances
And because consumers don't have to pay for it and they get all this great advice, guidance, structuring,
comparing the whole market.
Why wouldn't you use a broker than going direct to a bank?
Also, when you present your case to the bank, guiding you through the documents or things you need to fix up, it's also a long-term relationship.
If you go to a bank branch, I worked in the banks for three years at the
If you're any good in a bank, you get moved around pretty fast because you get a little cross, maybe a tick, and you get moved to another branch where you get moved up.
So it's hard to get great staff in the bank that can have a long-term relationship with, which as a broker you could go back to and say, I need to get money for a renovation or et cetera.
So I think it's the long-term relationship is another key point.
So if you think of a bank wants to sell you a $500,000 mortgage, right?
How much they make roughly, let's say 2% on that mortgage is their margin over the next 30 years.
You know, they lend it to you at say crazy rates now, let's say 3%.
But their cost of getting that money is maybe 1%.
So they make a lot of money off you as a customer if you've got a mortgage for them in that 30 years.
They know that you're not going to keep you for 30 years.
Every three or four years, a lot of people refinance.
So there's a cost of acquisition for that customer, for that bank.
And that's what they pay mortgage brokers for, really.
But we also package that customer up on a plate for them.
We get all their documents.
We make sure it hits policy.
Showing 1141–1160 of 1,659 · page 58 of 83
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