Home Loan Loyalty

Written by Michael McAlary

Client loyalty comes from having great customer service and products e.g. home loan products that meet client needs. Home Loan product branding is also an important ingredient in creating loyalty. The challenge all financial services organisations face is to create a first class brand, high customer service standards and relevant products.

Home Loan Exit Fees

Over the last few years the Federal Government has been taking steps to free up the home loan market. The banning of home loan exit fees from 1 July 2012 is one such step. The aim of the ban is to make it easier for home loan borrowers to switch lenders without financial penalty. The removal of exit fees places more pressure on the financial institution to have customer centric home loan products that are supported by first class customer service.

Home Loan Customer Service

Many clients, particularly first home buyers need help in walking them through the home loan application to settlement process. A good mortgage broker will be able to simply explain various terms, e.g. Loan to Value Ratio (LVR) and the steps that must be completed before a home loan application is approved and then the steps leading to settlement. A customer focussed mortgage broker will go the extra mile to ensure that all aspects of the home loan approval and settlement process goes smoothly. Taking out a home loan for most people is the single most important financial decision many people ever make. It can be a stressful time for the home loan borrower and having a mortgage broker who can confidently take a client through the steps will lead to loyalty.

Home Loan Products

Home Loan providers and mortgage brokers understand the need to help clients through the maze of home loan products. This means explaining the types of home loan products available, including explaining the differences between Principal and Interest Home Loans, and Interest Only home loans. It is also important for clients to understand the differences between fixed rate home loans and variable rate home loans.

Each home loan product will have different features. As a general rule the greater the features the higher the home loan interest rate. Just as it is when someone buys a car. The top of the range Holden with all the features, costs more than the basic version.

Home Loan Brands

Home loan brand recognition and positioning is critical to its success. The Aspire home loan product brand represents solid and sound innovation. Create wealth while paying off your home loan. Call us on 02 9233 1111

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