The lender helping brokers keep pace with self-employed borrowers

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    While the number of self-employed Australians continues to grow, the financial support and services they need have not kept pace, says Evan Dwyer, managing director at RedZed.

    The self-employed loan specialist has recently launched a digital loan portal to help brokers and mortgage managers access applicant data day and night.

    Introducer Connect will enable brokers to easily track loan applications with RedZed as they progress through to settlement. As well as providing the status of the loan, brokers will be able to see key loan data such as outstanding balance of a loan, available funds, the current LVR, repayments and terms, all in real-time.

    According to Dwyer, self-employed borrowers face the problem that they are expected to be skilled in many different areas: they are expected to be great at looking after their customers while also looking after their business.

    Not only that, Dwyer says financial products are designed by employees for employees.

    “These products are designed based on productivity whereas each self-employed worker’s story is unique. It is very hard to take that unique story and fit it into a machine,” he says.

    To fill that gap, RedZed offers both residential and commercial loans to self-employed borrowers, looking at individual needs rather than relying on automated credit decisions.

    Dwyer says he understands customers do not want to spend time figuring out their products, so he sees it as their job to translate all the complexity into a simple, easy-to-understand offer to a self-employed customer so they can focus on running their businesses.

    This is also where brokers come in. “Brokers are to this century what bank managers were to the last one,” Dwyer says. “They intuitively understand the challenges faced by their self-employed clients.”

    Because of this, it is important that brokers have the tools they need to answer any questions in one go. Dwyer says they want to avoid situations where brokers and customers are ringing each other back and forth.

    This is where the portal comes in. The broker will be able to access all the necessary information and answer most of the queries when they come in.

    To support brokers offering RedZed loans even further, its sales team provides training on how to meet and service the needs of the self-employed. Once an application is submitted, it has a credit team available to brokers who have questions which need to be answered directly by the decision makers.

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    Original Article