Proptech Carpool – Bank or Broker? ft. Tommy Lim

June 28, 2019
Tommy Lim from SF Capital breaks down the difference and advantages of a Mortgage Broker on Soho Proptech Carpool. Learn about options for your future financing.

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Here’s the transcript of the video:

Tommy Lim from SF Capital.
Thanks for joining the Carpool series. - No worries Trent - You’re a mortgage broker.
- Yep. - So what do you guys actually do?
How does it work? - Okay. So a mortgage broker is a
professional that's there to find you the best loan
for your situation.
- Yep - And they do that by accessing a panel of Lenders
that you may not necessarily have access to - Okay.
So let's say I am looking at buying a property.
Do I go to a mortgage broker or do I go direct to the bank?
How does that work?
I'm biased, so you should go to a mortgage broker. Look,
having said that, there's a lot of great bankers.
But what a mortgage broker has
as an advantage or a point of difference over people in the branch, in my view, is that
a mortgage broker can give you a very personalised service.
So in a branch you can imagine the branch person sitting there. The branch is well known.
The location, the brand, so people actually go into a branch
because they’re an existing customer or because they can't really think of any other options.
Whereas, often you find a broker, they’re either a business
owner or work for someone, or out on their own, and they have to find that business themselves.
So what that means is that the broker’s really motivated, really
incentivised to be very relationship-driven, very service oriented
and they only get paid on success.
So the whole service and the whole process is oriented around giving you a great client experience.
- Yep - For example, a broker can be available at any time within reason.
You know, your branch is open 9:30 to 4.
Whereas, personally, I'll take meetings, definitely
well before work, and even after work.
So kitchen tables, very common. - Yeah, gotcha.
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