The FinTech Report Podcast: Episode 45: Gino Farina, Principal, The Bondi Broker
“Plan your home loan and financial life to be portable,” says Gino Farina, Principal, The Bondi Broker. “A large part of my job is a financial coach, but we use plenty of technology to help us.”
Mortgage Brokers are finance industry professionals who work with clients to understand their objectives and determine their borrowing capacity, providing a selection of loan products that are most suited to client needs, for either individuals/couple or businesses, for housing or business finance.
Brokers provide a more personalised level of service than what is normally given directly from a lender, and with access to a wide variety of finance products from a large range of lenders, they are in a better position to provide a loan product that’s right for their client. There are 19,000 mortgage brokers in Australia; they run their own business and are paid by the banks/others when they write loans and recommend other products.
Brokers are used by nearly 70% of consumers to find a residential/investor home loan; why is that? What do brokers do that is special and why do banks rely on them? What fintech services do brokers use? Listen to this episode to learn more.
- What does a mortgage broker do? Explanation of how brokers help clients, especially educating people about finance
- Who are your customers? Individuals, couples, businesses
- What are the key issues? Evaluation, decision making time
- What tech do brokers use? Equifax (credit reports), Connective (Mercury), Sales Tracker (CRM, Sales process), Monday (CRM), Cash Deck, My Prosperity and Yodlee (looking at clients cash flows, home loans, interest rates), Canstar, has reviewed Sherlok.
- What is the bank loyalty tax? What could be done differently? Client engagement and financial advice is needed. There are 200 home loan providers in Australia, Commonwealth Bank has 25% market share.
- Differences between business loan broking vs residential
- What is churn and why do people move bank/provider every 7 years?
- Message to fintechs
The FinTech Report Podcast: Episode 45: Gino Farina, Principal, The Bondi Broker:
https://fintechsummit.com.au/the-fintech-report-podcast/
https://www.buzzsprout.com/1643860/14336448
