July was an interesting month with the key observation being that Westpac customers were unusually unhappy. As a general observation I have not had many refinance inquiries from Westpac customers for the last couple of years, however in the last 2 weeks I have had 3.
From what I can glean, Westpac has been changing the rules internally and are opting to chase down 'poor performers' and to remove unused limits - if you are to believe Joseph Healy from NAB they are presumably reducing their capital exposure to business banking to better apply to mortgages! This has resulted in some quite good banking customers calling on our assistance to go back to the bank an try to help the Relationship managers try and talk sense into credit. Very strange behaviour by Westpac!
ANZ has come through with the goods for me in the last couple of days, though it has taken a while to get a proposal out of them. The proposal is not particularly sharply priced, but they have been quite astute with their product selection to not only better fit the client need, but minimise pricing (significantly) without compromising on their margins. The result is a massive saving for the client!
I am also getting some very quick turnaround from Bibby Financial Services, a specialist Debtor Finance provider. They are a pleasure to deal with as they are empowered and hungry to write quality deals. Their responsiveness is great. The pricing can shock clients initially, but often they are supporting businesses that others don't have the appetite for, though they are correct to do so.
I am also working closely with 2 other non bank financial institutions at present, being Octet and Coface. Both are proving challenging to gain credit approval but both have a good product and are worth pursuing.
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