Q. Who is Platform Finance?
Platform Finance is the strategic partnerships arm of COG Aggregation, Australia’s leading asset finance services partner. We assist mortgage brokers with their AF needs.
Why should a broker look to partner with Platform Finance?
When I started working in this sector in 2011, most mortgage brokers didn’t understand what AF was or how to have the conversations. However, over the last 13 years that’s changed enormously, with Platform Finance at the forefront. Because of the education, marketing, support, and auxiliary services we offer, AF is now part of many brokers’ toolset. Currently an estimated one in four mortgage brokers is accredited with Platform. Here are some of the reasons why they choose to partner with us:
- Australia’s largest asset finance aggregator.
- Proven track record helping brokers transition to AF.
- Proudly independent.
- Dedicated, locally based team.
- Exclusive in-house finance product.
- Personalised support.
- Dedicated processing centre.
- Catering to individual brokers, right through to the largest mortgage aggregators in Australia.
How strong is the asset finance market?
Very strong. Asset finance is a fast-growing choice for businesses and individuals, with many asset classes experiencing significant rises. For example, in the financial year 2023, all-time high new car sales were recorded, while ABS Australian capital expenditure figures show 6.4 per cent-plus year-on-year growth. Drilling down, in H1 FY24, COG’s asset finance volumes settled were 20 per cent-plus higher compared to the previous corresponding period.
What’s your long-term outlook?
AF continues to go from strength to strength. Businesses need to replace, upgrade, or increase their assets; individuals continue to replace their cars or require personal finance for other reasons. Not only that, but growth is underpinned by two key factors:
- Government infrastructure spending: as a result, demand for equipment and wheeled assets will increase.
- The rapid uptake of electric vehicles, which has driven a high turnover in consumer cars.
What kinds of tools and support do you offer brokers and how do brokers access them?
As asset finance and our broker network have grown, we have continued to enhance our support systems, including:
- Personalised marketing capabilities.
- Education programs for brokers.
- BID-compliant system.
- Regional-based processing centre with 40-plus employees.
- No outsourcing of work.
- Our specialised car buying business COG CarSelect.
What is currently your top priority for the broker channel?
Providing access to products such as debt consolidation loans to assist with writing more home loans and providing a simple, easy process to encourage diversification. Our motto is: “Brokers just need to say ‘yes’ and we are there to assist them on the entire journey.”
How easy/difficult is it to introduce this product into the client conversation? Any top tips?
Brokers already have strong relationships with their mortgage customers; a flow-on effect should be that they then come to you for their cars, personal loans, and other assets. We like to call that ‘clients for life’.
What makes a broker successful in AF is being relationship-focused. We’ve created a process with that firmly in mind. Everything we do is focused on ‘How does this enhance our brokers’ relationship with their customers?’ The success of our business is how easy it is to integrate AF into your business.
