Australians are growing aware of the availability of their options and opportunities as they seek alternatives in securing loans.
“[These borrowers] were able to see the traditional uses for personal loans, but as we educate brokers more, they are starting to see the unlimited possibilities,” said Matt Hall (pictured), head of partnerships and sales at MoneyPlace.
Hall has over 25 years of experience in the financial industry, especially in the lines of credit and risks. He joined MoneyPlace 12 months ago and shared some insights on alternatives that can be taken into consideration given a challenging economic condition.
Despite pressures from interest rate hikes and rising inflation, brokers and customers have seen many possibilities as Australian consumers start to see spending in different angles, becoming wiser and more creative.
“People are starting to look for something that’s more important, that has value to them,” Hall said.
On the back of climbing rate hikes, people have started looking into new funding options for their projects.
“People are now seeking other funding options. We say we ‘fund anything legal’ – it’s not just debt consolidation, it’s not just a used-car purchase.” Hall said. He noted MoneyPlace has considered funding for pups, go-karts, a trip abroad, even an arm tattoo.
“He got the tattoo for cheaper than if he had been on a payment plan or didn’t have the funds up front,” he said.
Research from the global consumer trend tracking firm GfK Consumer Life has revealed the majority of consumers buy products and services that appeal to their beliefs, values, or ideals. In the case of Australians, they are leaning toward freedom, creativity, simplicity, helpfulness and enjoying life more than what is considered the norm.
With this in mind, Hall empowered his BDMs to approach their work as if they owned the business.
“The minute you tell someone to do something, you’ve got less chance of ownership, because they’ve been told to do it. Whereas if they feel empowered to do it, and they’ve got a sense of ownership of it, there is a better sense of gratitude and appreciation when it does work,” said Hall.
MoneyPlace employs two broker specialists who remain in the office, so BDMs can go out to sell. “[This] gives them the flexibility to structure their days the way they want,” Hall said.
Since joining MoneyPlace, Hall has seen the number of affiliated brokers grow by over 110% alongside a significant growth in loan writing.
“The aim is to see more people build strong relationships, and then this ultimately drives business on the back end,” said Hall.
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