Reducing mortgage process overwhelm: Discover ‘The Brava Finance Way’ – a streamlined approach to property buying and refinancing. Learn how we’ve transformed the traditionally exhausting mortgage journey into an efficient, supportive experience.
So, you are keen to buy a property or refinance your existing mortgage, but you’ve heard it’s a long and exhausting process. And even though there are savings to be had with a new lender, you aren’t sure you have the time and energy required to refinance.
Yes, I hear this many times a day… It’s a common objection!
As a result, I wanted to flip this objection on its head by striving to develop a finely tuned, efficient and effective process from initial discussion to settlement – and beyond. At each stage of the process, I have mapped out customer touchpoints to ensure the right level of support, advice and education is delivered.
I call it ‘The Brava Finance Way’ (no prize for most innovative name here!). It was developed using a four-step methodology for the customer journey. Here I have outlined a summary of each of the stages to help you understand what is involved. I have already touched on key components of this during previous chapters, but I wanted to show you how it all comes together as part of my process. Let’s dive into each stage:
4-Step to Reducing Mortgage Process Overwhelm
Stage 1: Discovery Session
The Discovery Session is an essential first step in our mortgage service process. It sets the foundation for a successful and tailored mortgage journey by allowing us to deeply understand your unique financial situation and goals. This initial meeting is designed to be comprehensive and collaborative, ensuring that every aspect of your financial picture is considered. Our primary aim is to establish a clear baseline from which we can craft a personalised plan that aligns with your aspirations and needs.
Here are some of the key objectives of the Discovery Session.
Understanding your financial position and goals
During the Discovery Session, we will engage in a detailed discussion about your current financial position and your future goals. This includes exploring your financial aspirations, the level of support and education you require throughout the process, and any specific needs and objectives you have. By understanding what you hope to achieve, whether it’s buying your first home, upgrading to a larger property, or investing in real estate, we can tailor our lending advice and strategies to best support your journey.
Comprehensive information gathering
A critical component of this session is gathering all relevant financial information. We will collect detailed data on your income, savings, employment history, existing debts and credit history. This comprehensive assessment allows us to get a clear picture of your financial health and borrowing capacity. It’s important to be thorough at this stage, as the information we gather will directly influence the recommendations and strategies we develop for you.
Evaluating borrowing capacity
With all the necessary information in hand, we will then evaluate your current borrowing capacity. This involves analysing your financial data to determine how much you can realistically borrow, what kind of loan terms you might qualify for, and what your repayment capabilities are. This assessment is crucial for setting realistic expectations and ensuring that you are well-prepared for the financial commitment of purchasing a property.
Developing a strategic plan
Finally, based on the insights gained during the Discovery Session, we will develop a strategic plan tailored to your needs. This plan will outline the steps necessary to achieve your property purchase goals, including identifying the most suitable mortgage solutions. We will consider various loan products, interest rates and lenders to find the best fit for your situation. The strategic plan serves as a roadmap for your mortgage journey, providing clear guidance and actionable steps to help you move forward confidently.
By the end of the Discovery Session, you will have a solid understanding of your financial standing, a realistic view of your borrowing capacity and maximum purchase price, and a strategic plan tailored to your property purchase goals. This comprehensive approach ensures that we lay a strong foundation for your mortgage journey, setting you up for success from the very beginning.
Stage 2: Financial Foundations
This step involves a comprehensive evaluation of your current financial situation, establishing a clear vision for your financial future, and building robust financial habits.
There are 7 steps covered within this program. See a summary below:
1. Assess your starting point
Evaluate your current financial situation to determine where you stand.
2. Create a vision
Define your financial goals and the future you want to achieve.
3. Build a foundation
Establish a solid financial base by managing debt and creating a budget.
4. Educate yourself
Gain knowledge about financial principles and strategies to make informed decisions.
5. Take action
Implement your financial plan with concrete steps and consistent effort.
6. Connect with others
Seek support and advice from financial professionals and like-minded individuals.
7. Maintain your focus
Regularly review and adjust your plan to stay on track towards your financial goals.
Stage 3: Mortgage Assessment and Strategy
This stage is where we take the detailed information gathered during the Discovery Session and use it to tailor a mortgage solution that best fits your needs and objectives. It is a crucial stage as it involves a thorough analysis of your financial situation and goals, allowing us to identify the most suitable mortgage options for you. Our primary aim is to ensure that you secure a mortgage lender and product that align with your best interests, while we manage the entire process on your behalf, from research to settlement.
Here are the key steps of the strategy.
Determining needs and objectives
Using the insights from the Discovery Session, we begin by clearly defining your specific needs and objectives. This involves a deep dive into your financial aspirations, your ideal loan term, and any particular features you desire in a mortgage product. We also consider your long-term financial goals and how the mortgage or refinance fits into your overall financial plan. By having a clear understanding of what you want to achieve, we can focus our efforts on finding a mortgage solution that is aligned with your needs.
Lender research
With your needs and objectives in mind, we conduct comprehensive research into potential lenders. This involves analysing a wide range of mortgage products from various banks, credit unions and non-bank lenders. We consider factors such as interest rates, loan terms, fees and flexibility of the mortgage products available. Additionally, as experienced mortgage brokers, we understand the unique policies and niches of different lenders, enabling us to match your specific situation with the most suitable lenders. This expertise is critical in ensuring that we present you with the most viable and beneficial options.
Lender options and recommendations
After thorough research, we compile a shortlist of the best lender options tailored to your needs. We will present these options to you, explaining the pros and cons of each lender and mortgage product. This includes detailed information on interest rates, repayment options, associated fees, and any special features or benefits. Leveraging our established relationships with lenders, we can also look to negotiate more favourable loan terms on your behalf. Based on this comprehensive analysis, we will recommend the most suitable options and work closely with you to choose the one that aligns best with your financial goals and circumstances.
Application management and settlement process
Once a lender and mortgage product have been selected, we take over the entire loan application and settlement process on your behalf. This includes preparing and submitting all necessary documentation, liaising with the lender, and ensuring that all requirements are met for a successful approval process. We manage every step, from application submission to loan approval and, ultimately, settlement. Our goal is to make this process as seamless and stress-free as possible, ensuring that you are well-prepared and confident as you move towards securing your property.
By the end of the Mortgage Assessment and Strategy stage, you will have a clear and actionable plan, a chosen lender, and a mortgage product that fits your needs. With our comprehensive management of the application and settlement process, coupled with our ability to potentially negotiate favourable terms, this allows you to focus on your property purchase with confidence.
Stage 4: Ongoing Loan Adviser
The journey of securing a mortgage doesn’t end at settlement. In fact, it’s just the beginning of a long-term financial commitment. Recognising the importance of ongoing support, this stage is dedicated to ensuring that you continue to receive advice and guidance well after your mortgage is finalised. This step underscores our commitment to building a lasting relationship with you, providing continual oversight and support to help you navigate the ever-changing financial landscape and keep your mortgage aligned with your evolving needs and goals.
Sustained support and relationship building
This stage represents the enduring commitment we have to our clients beyond the initial settlement of their mortgage. Unlike many brokers who view settlement as the conclusion of their service, we see it as just the beginning. Our goal is to foster a lasting relationship where you feel supported and informed throughout the life of your loan. This ongoing connection ensures that you always have a dedicated adviser to turn to with any questions or concerns about your mortgage or broader financial situation.
Regular loan reviews
An essential part of this stage is conducting periodic reviews of your mortgage. The financial landscape is dynamic, with interest rates and lending policies subject to frequent changes. By scheduling regular reviews, we can assess whether your current loan remains competitive and aligned with your financial goals. These reviews are an opportunity to evaluate your interest rate, loan features, and overall satisfaction with your lender. If more suitable options become available, we can guide you through the process of refinancing or renegotiating terms to ensure you continue to get the most suitable deal.
Personalised financial guidance
Beyond just managing your loan, we provide financial guidance for lending matters and strategic support for your broader financial well-being. This includes advice on how to leverage your home equity, as well as strategies that could pay down your mortgage more effectively. By understanding your overall financial picture, we can offer tailored advice that integrates your mortgage with your other financial goals.
Accessible and ongoing communication
Lastly, maintaining open lines of communication is crucial. We are always available to answer your questions, address concerns, and provide clarity on any aspect of your mortgage. Whether through scheduled meetings, phone calls or emails, we strive to be accessible and responsive. This ongoing communication ensures that you never feel alone in managing your mortgage and that you have an adviser to guide you through any financial decisions related to your home loan. Compare this option vs going direct to a lender (without the support of a mortgage broker) and wasting many precious hours on the phone, waiting in a call centre queue. Your choice!
By prioritising sustained support, regular reviews, proactive rate management, personalised financial guidance and open communication, the Ongoing Loan Adviser stage ensures that you receive continuous value and support throughout the life of your mortgage.
With ‘The Brava Finance Way’ four-step signature process, you can embark on your property purchase or refinance knowing that you have a dedicated and knowledgeable partner by your side every step of the way – aka your wing(wo)man! Don’t let the perceived complexities of the process deter you from making a decision that may benefit your financial future. Let’s work together to make your mortgage goals a reality.
If you have any questions or need personalised advice, feel free to reach out on 0438 790 608.
Disclaimer: This page provides general information Disclaimer:
This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.
Licensing statement:
Credit Representative 540557 is authorised under Australian Credit Licence 389328.Your full financial situation would need to be reviewed prior to acceptance of any offer or product.only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.