The RBA has left rates on hold this month but after two successive rate cuts it is expected that more borrowers will be looking to refinance their properties and lock in a better rate – particularly those who had to re-finance during the Global Financial Crisis when property values were lower. This comes off the back of recently released data from the Australian Bureau of Statistics, showing that over 17,000 home loans were refinanced in the month of March – the highest number since 2008.
Re-financing creates an ideal situation for brokers to reach out to existing clients and acquire new clients who are in the market for the best home loan deal. In order to stay ahead of the pack, more and more brokers are turning to RP Data for unique ways to tap into this lucrative market.
There are many ways in which RP Data can assist a broker wanting to build a great share of the re-financing market.
Here are some suggestions:
Business planning and client acquisition. Using RP Data you can gain an understanding of the business potential in your local area by looking up sales history especially considering that most home loans have a honeymoon period of say two years or so.
Client retention. RP Data’s unique RP Property Monitor® service alerts you when one of your clients lists their property for sale. This provides you with an opportunity to engage with your client and understand their updated requirements, potentially before they even consider a competitor to re-finance their home loan.
Adding value. You could add further value by providing your client with complimentary reports such as auction information, a Comparative Market Analysis (CMA) so that they can see comparative sales in the area, and even suburb demographics so they can present their home to attract a particular section of the market. The RP Property Monitor® service also provides tailored anniversary reminders to further assist you in managing your clients.
To make the most of re-financing opportunities log on to the RP Data Property System now to make the most of this current market opportunity.