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Luke Fryer, General Manager of Metricon QLD, explains why the award-winning home builder formed a strategic partnership with MAB after unsuccessful attempts at referring other brokers business.
What made you choose MAB as your home lending partner?
MAB understand the first home buyer segment of the market very well. They also have a deep understanding of the new build market, which is very different to a traditional real estate transaction.
How is the new build sector different?
In the new build sector, it can be up to 18 months before the loan is drawn down and the broker gets paid. What we have observed is that it lessens the appetite for brokers to get involved heavily with new builds because they don’t have the patience to wait that long to earn their commission.
MAB understand that while an 18-month wait for settlement may be painful in the short-term, over the long term it builds a pipeline of leads that can be managed and scaled.
Have you worked with other brokers in the past?
Yes, but unsuccessfully. In 2020 Metricon was named Australia’s number one home builder for the fifth year in a row. We require the infrastructure and processes to write mortgages at scale. Last year we built over 4500 homes and almost all of them require financing. MAB was prepared to invest in the resources to support Metricon by taking a longer-term view.
How is the MAB partnership different?
MAB take a different approach and service our business exceptionally well. This is a professional, strategic partnership that benefits both Metricon and MAB equally. It adds value to our business by allowing us to offer a finance solution to our customers. Almost every customer who comes to Metricon looking for a new home needs a loan and MAB is who we send them to.
How does MAB facilitate that customer experience?
MAB give us dedicated brokers who only handle our business. Our customers are not a lead being sent into a funnel and landing with any broker in a giant network. MAB understand the significance of a strategic partnership and they know our business. They have dedicated brokers who only work with Metricon customers. They are therefore specialists in our business and the type of customers we service.
Other groups don’t have that capability or model. Most large broker networks will take the lead that is most likely to settle in 30 days so they can get paid. MAB think differently. It is a true partnership.
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