Living expenses can make or break a deal – and if you get them wrong, you're not just losing the loan, you're risking your compliance, AND you’ll look like a numpty to your client.
In this video I'll cover:
How I calculate living expenses using bankstatements.com and Frollo
How to have the conversation with your client when their living expenses are high – without losing the deal or the relationship
How to get living expenses as low as possible on paper, while still being compliant
When NOT to change living expenses – because sometimes the answer is just no, and you need to know when that is
This is one of those topics that sits right at the intersection of good broking and good compliance – and getting it right protects both your client and your business.
In this video I walk you through two real Equifax reports – my own, and a client's report with a default and missed payments (fully redacted) – so you can see exactly what everything means in real life, not just in theory.
I'll cover:
How to read an Equifax credit report and what each section actually means
How to identify defaults, missed payments, and enquiries – and how lenders view each one
What advice to give a client when their report isn't clean – and how to actually help them fix it (and how to use this moment to build trust and become the broker they remember)
I have heard from my clients that a lot of brokers see a bad credit report and basically tell the client to eff-off. That's not okay, and it's also a massive missed opportunity. The brokers who sit with clients and help them work through it, and give them a plan, are the ones who get a call back in 12 months when it's fixed.
Be that broker.
Everyone assumes an offset account is always a good idea. But is it actually worth it for your client – or are the extra fees and potentially higher rate eating into the savings?
In this video I’ll cover:
How to calculate offset savings vs the extra fees and possible higher interest rate
When to suggest multiple offsets and why
Difference between offset and redraw (especially useful for clients with investment lending)
How an offset account works when linked to an IO loan vs a P&I loan
Offsets on fixed and variable loans
By the end you'll be able to have this conversation with confidence.
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