Articles - Five questions you can ask when match-making customers with lenders

Five questions you can ask when match-making customers with lenders


Valentine’s Day is an opportune time to think about the role that you play for your clients. Essentially, you’re playing match-maker, listening to your client’s requirements and finding them the lender that will most likely meet their needs and result in a solid financial ‘relationship’.

Pairing the right customer with a lender that meets their needs is essential to having satisfied customers, so in the spirit of the feast of Saint Valentine, we have devised five questions that you could ask customers to better understand their needs and make a ‘match made in heaven’ with an appropriate lender.

Obviously, this is not an exhaustive checklist of questions you should run through with clients, however it may give you additional questions you could ask as part of your due diligence.

1. What specifically do you hope to achieve from this finance request?

Be prepared to ask follow-up questions to gain a specific answer. Customers often think a lower interest rate is what they want, when in fact their real need is reducing their monthly expenses.

2. When do you need this finance request approved by?

This question focuses on the expectations of the customer and will help a broker find lenders who can meet that timeframe. A broker may need to revisit this answer during the application stage, especially if the customer has difficulty providing documents.

3. Is it more important for you to:

a) have the lowest interest rate
b) reduce your monthly financial commitment
c) decrease your loan term
d) have something else. This might be something not based on finances, such as the familiarity of a lender they already know.

This question allows you to learn the priorities of the borrower, but also educate them on things they may not be aware of. Some borrowers, for instance, may have the mistaken impression that non-bank lenders are for bad credit borrowers only, or they may not be aware of the benefits of debt consolidation as an alternative to finding the lowest interest rate.

4. Which organisation is your day-to-day banking with?

The answer to this question will help you with the response to the following question.

5. Have you considered separating your mortgage from your day-to-day banking for greater flexibility?

Some borrowers have only looked as far as their bank for a home loan. You can explain the benefits of separating a mortgage from day-to-day banking, such as making it easier to refinance and get a better deal.

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