Blog post by Empower Wealth

Counting the Savings: Our Commitment to Saving You Interest

We are thrilled to share some remarkable achievements by our dedicated Mortgage Broking Team at Empower Wealth. These milestones not only reflect our commitment to excellence but also highlight the positive impact we’ve had on our clients’ financial journeys.

Saving Big for Our Clients:

Every year, our team sets an “Interest Saved” target. This might be a bit unorthodox compared to our peers, but we really want to help our clients save more interest, particularly in the rates environment that we’re in.

So, how is this “Interest Saved” target defined?

We calculate interest saved only on the loan balance being refinanced, which is net of equity release/cash-out/redraw. This is done to show the $ for $ dollar comparison if you were to stay with an existing lender vs refinancing your loan. The interest saved calculation is inclusive of discounts and is the final rate.

Why do we have such a target?

We started this initiative to help as many people as we can to get a better rate on their property loans. Back in 2021, the rates were really low, and we noticed that a lot of our new clients were missing out due to the lack of review with their bank or their previous brokers. It was like leaving money on the table!

While many articles highlight that mortgage brokers can save clients thousands, the true value sometimes eluded those who came to Empower Wealth. To address this, we formulated the “Interest Saved” target, creating an interest saved register within our team that tracks the interest saved per deal and per financial year. This register serves as “proof in the pudding” and demonstrates that working with an experienced mortgage broker can indeed save you interest and put more money back in your pocket.

Over the years, this target has also spotlighted the impact of sticking with an existing lender versus exploring the market for competitive rates.

Of course, we don’t refinance every single deal that comes across our desk just for the sake of this target. Our Mortgage Broking team follows a strict operating process to ensure that the loan structure and loan strategy are solid and that the client’s cashflow position will not be significantly impacted. Each client has their unique financial circumstances and hence will require a tailored solution.

What were our targets?

Below are the targets that we’ve set in the last few years, and we’re excited that we’ve exceeded it every single time! This wouldn’t have been possible without a dedicated and motivated Mortgage Broking team, who are committed to working diligently to bring substantial cost savings to all our clients.

FY21 Target: $1m, Actual: $1,119,389.24
FY22 Target: $1.5m, Actual: $2,473,945.25
FY23 Target: $3m, Actual: $3,573,985.07

In this financial year so far, our team has achieved an impressive total of $2,330,043.92 in interest saved for our clients!

This accomplishment is just the beginning, as we’ve set an ambitious target to save our clients $4 million in interest by the conclusion of the 2024 fiscal year (30 June 2024).

Recognising the current interest rate landscape, we understand the immense financial relief this brings. Our mission is clear – to not only meet but exceed this target, delivering exceptional value and peace of mind to our clients.

The Adviser Top 25 Brokerage (2024) Recognition:

And of course, we’re no stranger to winning an awards, having snagged the spot for Australia’s Brokerage of The Year at the Australian Mortgage Awards last year.

Just a few weeks into 2024, Empower Wealth has once again proudly secured a well-deserved spot in The Adviser Top 25 Brokerage (2024) rankings. Despite facing tough competition from aggregators, commercial loan writers, and other brokerages with 100+ brokers, our team has proven that quality and commitment triumph over quantity. This recognition is a testament to our unwavering dedication to providing the highest level of care and guidance.

It goes beyond mere numbers; it’s about the meaningful impact we make on our team’s growth and, more importantly, on our clients’ property journeys. A heartfelt thank you to our incredible team for their hard work and passion, and to our clients for trusting us every step of the way. We’re immensely proud to share this achievement with you all!

Explore Your Finance Opportunities:

With the cash rate on hold this month, there’s no better time to review your finances. If you’re considering a free finance review, our team is ready to assist you. Simply book a consultation at Empower Wealth – Free Consultation, and let us guide you on the path to financial success.

At Empower Wealth, we celebrate not just our achievements but the success stories of our clients. Join us on this journey, and let’s make your financial goals a reality together!

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Categories: Property Investment Advice