25/09/2024
FINSTREET.AU’s managing director Darren Liu had the pleasure of interviewing Michael Tang, one of our esteemed broker partners, for an in-depth discussion on the non-bank lending market. valuable insights on the non-bank lending market and how it’s shaping the future of finance for brokers and borrowers alike.
The Growing Importance of Non-Bank Lending
Michael believes that the non-bank lending market is becoming increasingly vital in today’s financial landscape. As traditional banks face tighter regulations, non-bank lenders are stepping up to provide more flexible and tailored solutions for borrowers. This shift not only empowers consumers but also enhances competition within the lending space.
Competitive Interest Rates
One of the most notable trends Michael highlighted is the narrowing gap in interest rates between non-bank lenders and traditional banks. As non-bank lenders strive to remain competitive, borrowers can expect more favourable terms. This shift is a game-changer for those seeking financing options that meet their specific needs.
FINSTREET: A Broker for Brokers
Michael emphasised how FINSTREET acts as an extension of his broker business, descriptive as a “broker for brokers.” This unique approach allows him to save significant time and effort in finding the best solutions for his clients. Instead of sifting through numerous business development managers (BDMs) and conducting extensive research on different lenders offering, Michael relies on FINSTREET to provide him with tailored advice and multiple options in a fraction of the time.
By streamlining the process, FINSTREET enables Michael to focus on what matters most: his clients. The ability to quickly access the best-advised solutions allows him to serve his clients more effectively and efficiently.
Key Criteria for a Good Mortgage Manager
In our discussion, Michael shared the top three criteria he considers when evaluating a mortgage manager:
- Response Time: Quick responses are crucial in the fast-paced lending environment.
- Thorough Application Review: A credit team that checks all applications before submission ensures that everything is in order, reducing the chances of delays.
- Problem-Solving Support: Having access to problem-solving techniques and support is essential for navigating complex situations.
Michael expressed gratitude towards FINSTREET for their partnership, highlighting how their preparation assistance, advise and quick response times have significantly benefited his operations.
Future Growth and Areas of Focus
Looking ahead, Michael is eager to expand his broker business into the commercial lending area. He believes this sector presents substantial growth opportunities, and he is committed to equipping himself with the knowledge and resources needed to succeed.
As part of the interview, Darren Liu shared insights on the areas where lenders are keen to grow and how FINSTREET can support brokers in their business development efforts. By staying informed and leveraging partnerships, brokers can capitalise on emerging trends and enhance their service offerings.
