New non-bank lender Wave Money is now up and running, delivering mortgage lending solutions to frustrated brokers and underserviced borrowers.
Wave Money is on a mission to deliver efficient and quality service to borrowers and brokers whose needs might not be met by current banks and lenders.
The broker-exclusive non-bank lender has been built digitally from the ground up, with the customer and broker experience powered by onshore people, expertise, and relationships.
Two highly experienced and well-known executives within the residential mortgage industry, John Flavell, a former CEO of Mortgage Choice, and Andrew Chick, a former CEO of The Royal Bank of Scotland Australia and New Zealand, have formed a partnership to set up Wave Money and provide a smooth and personable transaction for brokers and borrowers. Flavell, is the founder and managing director of Wave Money, while Chick is co-founder and treasurer.
Flavell said he was committed to providing a valuable and personable experience to each client.
‘’The way most people look at lending, whether it be consumer or lender, they look at the product, policy, and price. We want to stand out amongst our competitors and work hard on our relationships with fellow brokers, ’’ Flavell said
Flavell has more than 25 years’ experience as a residential mortgage broker and said he understood that technology was essential for straightforward communication and for creating efficiency within the fast-paced industry.
‘’Technology is a means by which you create efficiency. We understand no borrowers’ requirements, circumstance, or background are the same. At Wave Money our point of differentiation is putting our people in the relationship to speak with the broker and talk through the scenario. Most importantly we want one person to be the single point of contact for the client from start to finish.’’
With the significant growth in mortgage lending volumes and booming property market across Australia, Flavell said unless you had been in the same job with the same employer for two or more years, aspiring borrowers were finding it almost impossible to obtain a mortgage.
Every Wave Money loan file is assigned to a single lending specialist who is responsible for the file from start to finish, where the broker can pick up the phone and speak with a lending specialist at any time.
“We believe the broker should be able to pick up the phone and have a conversation with our lending specialists at any time in the process. It works incredibly well and cuts out so much wasted time and energy and most importantly it gets the right outcome” Flavell said.
Wave Money is currently settling its first loan and is taking applications for new business.
‘’We are growing quickly and establishing relationships with brokers. Now we want to scale our business significantly, and we want the best and brightest people within the industry to join us. Our people will help us as the backbone where Wave Money will stand out and differentiate our business.’’
