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The non-bank lender’s chief executive has called on brokers to be more diligent with clients as 2024 gets underway.
Non-bank lender Wave Money’s CEO John Flavell has said brokers, “now more than ever”, are going to need to work very closely with all existing clients and new customers as the full effects of the Reserve Bank of Australia’s (RBA) rate hikes take hold.
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Speaking to The Adviser, Mr Flavell stated: “Whether the cash rate has peaked or whether there’s still a way to go, I think the impact of the cash rate increases has yet to hit borrowers as of yet.
“Many people are continuing to eat through their savings or already have eaten through their savings and are now finding themselves in a tight situation in terms of meeting all of their commitments on an ongoing basis.
“So, brokers, now more than ever before, are going to have to work very closely with all their existing customers, and any new customers, to put together a solution for them that can assist in maintaining and meeting all their commitments while optimising their cash flow.”
Mr Flavell added that Wave Money’s intentions for 2024 are to continue to work more closely with brokers in order to deliver more solutions in the current economic environment.
“And then, it’s about expanding the network of brokers that we’re working with. Our objective is to be the non-bank or lender of choice for mortgage brokers,” Mr Flavell stated.
“When they find a borrower’s needs are just not being met by a traditional bank, or in a lot of instances a non-bank, they can pick up the phone and have a discussion with the people at Wave Money.
“We’re here to help brokers build their business and build strong relationships with their customers.”
Furthermore, speaking on the non-bank lender’s growth plans for the future, Mr Flavell said that 2023 was “certainly a big year” on the back of “delivering some great service and accommodating policies and processes to brokers” and the appointment of Tyler Peters to the role of head of lending.
“I think the environment is going to be pretty tricky for a lot of borrowers [in 2024] and brokers with the cash rate sitting high and possibly going higher,” he said.
“So, having a lender that can pick up the phone and have a discussion with the people that make the credit decisions is going to continue to be even more important than it was previously.
“And so, we’re making sure that we’re building a team that’s [made of] competent, capable, and experienced people that understand mortgage lending, [who will continue] to work with brokers to build solutions for people in an environment that’s increasingly challenging.”
[RELATED: Wave Money appoints new head of lending]
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