Cooper Financial Connections Pty Ltd is expanding its offices interstate as a growing number of customers look for brokers to do their leg work securing the best deal from competing banks.
Originally established in Brisbane in 2002 before expanding to Caloundra in 2004, trading under the name of Cooper Financial Connections (Sunshine Coast) it will open an office servicing Sydney and the ACT this month.
Managing Director Peter Cooper said it was an exciting time of growth for the business.
“An opportunity presented itself to build the business interstate and we are very much looking forward to offering our tailored information on borrowing and wealth creation opportunities to a new client base,’’ Mr Cooper said.
The office’s Managing Partner, Michael Auer , is the former head of Customer Securitisation for St.George Bank .
Mr Cooper said broking firms and banks had redefined their relationship in recent times as the major banks struggled to attract new mortgage business through their branch networks.
It is common knowledge now that the majority of new business written in banking is through qualified Mortgage Brokers (often with Credit Adviser status).
“More than ever before we have the banks coming directly to us because they know we are out there on the street representing people from all walks of life.
“The banks are competing hard against each other which is healthy, however banks do not have up to date information on competitor products or services.
For example , does a clients bank have a “ market disruption clause “ in its documentation or will that bank remove that clause on a case by case basis , or does the competitor bank down the road not have this clause in its documentation at all.
“That’s where an accredited broker is vital, someone who can do the groundwork for a client so they can compare mortgage products and make an informed decision about staying with their existing bank or choosing an alternative lender,’’ he said.
Mr Cooper said brokers and banks were operating more at a partnership level these days because the branches and lenders realised that the brokers bring the majority of new and profitable business in their doors.
“Now is the ideal time to talk to your broker because the banks are keen to write loans and are coming to us with some impressive offers,’’ he said.
For example a number of major banks are offering to pay up to $40,000 in transition costs for commercial clients to refinance their business lending with them, for a limited time.
“The banks are prepared to sit down and talk with good clients who are banking with other institutions, and put their hand in their pocket to obtain their business,’’ he said.