Rate One broker inspired by first home buyer’s achievement

  • Mortgage Choice franchise owner Belinda Sugars sets a sweet example

    One of only a handful of female brokers in the industry when she started, this franchisee has built a thriving team and successful career of 15 years

  • Loan Market: Federal Budget 2020 sets footings for a borrower-led COVID-19 recovery

    Aggregator says tax cuts and the extension of the FHLDS will “stoke the real estate market”


    • 2018 Commercial Lenders Roundtable
    • Top 10 Brokerages 2018
    • 2018 Brokers on Aggregators

    Coming from an entrepreneurial background, Sandeep Boob knew the importance of having the right team behind him when he made his foray into broking five years ago. MPA spoke with Boob about the challenges of starting out in the industry as well as some of his most memorable clients, including a first home buyer client who purchased three properties in 12 months.

    Starting out with Rate One Home Loans

    Boob entered the industry in 2015 after working as an exporter of natural resources. Despite having a solid grounding in sales, he had never worked in the finance industry before. He was attracted to the level of support that Rate One Home Loans could offer.

    “I needed somebody who could hold my hand in the initial days and take me through that journey.”

    Building traction and a good referral network was the first challenge he faced, followed by keeping up to the expectations of clients and lenders – something he met with head on by employing a personal assistant just seven months in.

    “Coming from an entrepreneurial background, I understood the importance of having a team behind you.”

    “I think that helped me grow a lot quicker than a lot of people.”

    Since then, Boob has expanded his immediate staff to two PAs while having access to about seven or eight staff members employed by Rate One to provide back office support.

    He says having solid administrative support “takes the stress away” from the broker and allows them to focus on each customer in order to give them the right advice.

    A first home buyer with big ambition

    Boob says while every lending scenario has been memorable over the past 12 months, there are three clients who stand out the most in his career.

    “What I really got a lot of peace or joy out of was helping a couple of clients with debt consolidation.”

    The first of these customers had a good income but had been subjected to life events that put them into a lot of unsecured debt.

    “I was able to consolidate nine unsecured debts into their home loan, reducing their repayments by at least $2,000 a month.”

    This was done through a major bank, which was an amazing outcome for the client, he says.

    Another client he helped was the owner of a computer and accessory store who worked in a factory doing night shifts. His wife was no longer able to run the store due to an injury, so the client found himself at the shop from 9am to 5pm each day as well as at the factory every night, sleeping in his car between shifts.

    “In that process the business went pear shaped and picked up a lot of debt.”

    “There was $200,000 in unsecured debts which I consolidated for him using a non-conforming lender. He paid a little higher interest rate but got peace of mind and 12 months later we could bring him back to a prime lender.”

    While these scenarios brought Boob plenty of joy, another one positively inspired him.

    A first home buyer came to him three years ago looking to purchase his PPOR at a 95% lend. The client was very motivated and wanted to buy an investment property within the next six months. Not only did he achieve this, he went on to purchase a second investment as well.

    “In 12 months we helped him buy his own first home at 95% and then two investment properties at 90% as well.”

    He says the achievement motivated him with his own property goals, forcing him to think, if this guy can do it, why can’t I?

    When Boob isn’t striking great finance deals for customers, he enjoys karaoke and spending quality time with his two sons.

    Related stories:

    • Why Tim Leonard went from builder to Mortgage Choice broker
    • How Xavier Quenon has successfully adapted to change

    Original Article