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Buying a home is a substantial long-term financial commitment for homebuyers. Encouraging them to work with a bond originator will not only save them money but it will also streamline the process so that they have a better chance of securing the best bond deal.
One application, multiple banks
Sourcing comparative bond quotes is one of the easiest ways to make sure your buyers get the best deal. With the current inflationary pressures and high interest rates, these comparative quotes become even more valuable. A bond originator sources quotes from multiple banks by applying for a bond on behalf of the loan applicant to secure the lowest possible interest rate.
Applying to more banks increases your homebuyer’s chances of securing a better rate
Not only do the different bond quotes help secure a better interest rate, but the more banks applied to, the more favourable the interest rate is likely to be. With the interest rate currently still high despite the recent cuts, the ability of a bond originator to shop around for the best possible deal is critical.
It improves the homebuyer’s chances of securing a bond
A buyer who opts to apply directly to the bank for a bond usually only applies to one. This unfortunately puts the odds of securing a bond at all or nothing. However, those who work with a bond originator who applies to multiple banks have a significantly greater chance of bond approval. BetterBond’s average approval rate when applying to one bank is about 53%. This increases considerably to 79% when BetterBond applies to four or more banks.
As with any large purchase or investment, preparation is paramount
By getting pre-approved through a bond originator before house hunting, your buyer has a better idea of what they can afford and a much greater chance of securing a bond. The approval rate for clients who are pre-approved with BetterBond first is 95% of all applications submitted to banks on their behalf.
No mess, less fuss
A bond originator will guide your buyer throughout the process, assisting them with completing application forms and negotiating with multiple banks on their behalf. When the process is simplified and streamlined, you are more likely to see the sale go through.
It’s not what you know …
Our bond consultants have long-standing business relationships with bank representatives. This is a major advantage because they know who to speak to, to get the best advice. There are no barriers, just a free flow of communication with key people to make sure your homebuyer gets the best possible deal.
Expert knowledge and experience
The BetterBond bond consultants have worked with the banks for years, giving them a deep and clear understanding of what each bank can offer and how far to push negotiations. They also submit motivational letters for homebuyers that can make the difference between a decline or an approval of a good bond deal.
No one has time or money to waste, and especially not when it comes to investing in a new home. Bond originators ensure the best deals with the greatest chance of success. As an estate agent, you may think that it is better to leave your clients to their own devices. When you weigh up the pros and cons of encouraging homebuyers to use BetterBond, everyone wins: your client, your agency and BetterBond!
