Gain Home Loans
Total value of residential loans FY2017/18: $139,957,932
Total number of residential loans FY2017/18: 342
“I am really honoured and was really surprised that we made it to No. 10 and we were No. 19 last year, so that’s a good jump,” says Navjeet Singh Matta, owner of Gain Home Loans.
“There are a lot of really good brokers out there doing a wonderful job. I’m quite happy with the results.”
Matta increased his total value of residential loans this past year by more than $22m.
He says a lot of his database – 95% of whom are from the Indian subcontinent – came back this year for new purchases and refinances. Matta also worked closely with the community, sponsoring sports, religious and other local activities, which generated a lot of business for the firm.
To deal with the tighter scrutiny around living expenses, Matta started hosting quarterly workshops to educate clients on why the banks were asking for more detailed information and how clients could benefit from this. He also talked to investor clients about switching to principal and interest loans from interest-only, which he said helped later on to improve their borrowing capacity.
“When we ask more questions, we can help them in a more substantial way to find them the product that really suits their needs. It was all about educating the clients and having the systems in place to ask those extra questions,” he says.
He was also proactive about working closely with BDMs to stay on top of new compliance and policy requirements.
Matta, who used to run a business in India in the entertainment industry, became a broker in 2004 after attending an information session in Parramatta. Over the last 14 years, he’s seen the industry become more professional and less transactional. “It’s become more like financial planning; we need to make sure the client has the ability and capacity to service the loan for life and we need to hold their hand through the whole property buying process,” he says.
That means that the onus and responsibility on brokers to get it right has gotten even higher. “The client is trusting you with one of the most important decisions of their life.”