​​Angela came to Wilson Financial as she and her partner were looking to separate. They had agreed she would take over the house mortgage in addition to paying him out half of its equity. She realised she would need a loan.
 
Like most people, Angela went to her existing lender to ask for advice and guidance, assuming this was the next step. Like so many that we hear of, the information provided to her was not only misleading, it was out and out wrong! "You just need to take one name off the mortgage contract." 
 
Actually, if one person is to exit a loan contract, then a completely new contract must be created. 
 
This kind of gross error in the provision of essential information - by a supposed in-house expert - only made a stressful time for Angela more difficult. 
 
Luckily Angela was then referred by her solicitor to Wilson Financial. We picked up the phone to her hopeful voice; "Apparently you're the person to talk to in this town if you want to know what you can borrow". 
 
We assessed her finances and request holistically. In order to afford the payout she would first need to consolidate some debt, which we guided her through. Then, to figure out exactly how much she could borrow, we ordered a valuation for the house. This saved the separating couple over $600 in costs in ordering a licenced valuation, as it was paid for by the bank thanks to Wilson Financial's special arrangement with our many lenders. 
 
We provided an exact figure for how much Angela could borrow thanks to the consolidation of her debt, and a clear figure for the amount she would owe by taking on the new mortgage contract.
 
As a result we could accurately quote her new outgoing commitments. After debt consolidation and a reduction in all her debts rates, the repayment was not going to increase! "That’s so good, to know I can afford this already” Angela expressed with incredible relief upon being told.
 
We went on to guide her through consolidation of her new loan and payout of her ex-partner with sensitivity and minimal fuss, during what was clearly an emotionally trying time for both of them. 
 
Angela walked away incredibly grateful, as she was finally able to move on. She now had her own home she could fall back on, a rock of security after such a difficult time. 

Here is a Facebook entry I wrote a year ago that I thought would be good to revive in blog format!  Yes it’s me on my soap box, but I wouldn’t have it any other way…Let's put rates aside and look at two other, and more important aspects of what this business offers.

Firstly… Policy. I cannot tell you how many people come to me, thinking I'm about to shop rates, fees, features and so on for them. The first thing I need to do is find the correct lender for what you are trying to achieve, based on policy issues. Well over half our clients are going to be restricted on policy and who will approve them. Yes we have all the major banks, second tier lenders and so on, but it's a maze out there people!

This is where the horror stories come from (“The bank wouldn't approve me, but they approved my friend - banks are awful!”) you just can't stick a round peg into a square hole. What suits one does not suit another, and due to privacy I can't really explain that without using general policy terms why your friend got approved and you didn’t. Some policies can be stretched at certain banks if you have strengths elsewhere, yet some flat out can't. This is why our fact finder form is five pages long. You are not the sole product of your income. Policy can pertain to employment type, length, income sources, your age, postcode of the property, property type, property zoning, your assets Vs liabilities, Debt servicing ratios, separation agreements, government income types, product type sought and the list just goes on and on.

Until I go through all five pages of our fact finder, I generally feel I have about thirty percent of the picture. So, with policy in mind, what we do is specialize in; approvals, knowledge & credit assessment first and foremost. I vet the credit policy at every lender I know, so if you get through my credit assessment I will get your approval or advocate for it if I believe in it, and I will be heard! I cannot tell you the amount of times people walk into this office every single week declined from one lender, and we have a perfectly achievable solution elsewhere. I cannot explain the time taken out of every single day to make sure every client fits the lender policy. Research, reading, vetting, talking to credit contacts, checking each banks calculations with different variants of the same information, bank development managers is a huge part of our job as brokers for finance for homes and cars. Let’s not forget, policy changes come out weekly… what applied last month, may have changed at your lender this month. You need an expert, not just a good rate.

Secondly… Speed and accountability. Do you want your lender to take a couple of days, or are you willing to accept weeks? What if things go wrong, who is your advocate, who will escalate your issue to higher powers, special contacts, or resolve blockages or miscommunications for you? Does your broker have  a premium service agreement from their banks? We do! We hold banks accountable and this can take countless phone calls, emails and online escalations from many angles. Whilst you may be disappointed things take another few days, imagine if you didn't have an advocate, I can assure you, it can take weeks longer without someone holding the bank accountable for you.

For us, we like to action everything immediately and apply countless pressures at every step of the way to ensure response times are fast. We aim to reassure and update you regularly again, a huge part of our day is keeping the lines of communication open. Whether we are updating you, solicitors, accountants, real estate agents or banks, we find this keeps everybody calm and in control.

I'll post another day on why rates may not be the best for you, when fees, policy and features could save you more. It's a complicated world out there in lending, and over the years it gets more and more interesting. Thank you for taking time to learn more about what we do – we really do love advocating for you here at Wilson Financial.