With an increased demand for refinancing since COVID-19, 123 Financial Group knew they had to acquire leading expertise to help them meet their client needs.
This led to the appointment of Lending Specialist, Bec Morrow, who has been playing an instrumental role in helping clients refinance their home loan and take advantage of cheaper fixed-interest rates.
Bec said that due to COVID-19, more people than ever are looking to save their money and this trend is also backed by the latest reports released by the Australian Bureau of Statistics.
“Obviously because of COVID, a lot of people are more open now to looking at any option they have to save money,” Bec said.
“The banks and lenders at the moment are being very competitive and offering these record low fixed rates.”
Bec reports recently helping clients save hundreds of dollars a month — at half the interest rate they were on previously.
“That might be the difference between paying off a loan in 15 years as opposed to 20 years,” she said.
While there’s been a sharp drop in the number of new loans across Australia due to a slower housing market, the value of existing owner occupier loans refinanced with a different bank was by far the highest on record, according to ABS Chief Economist Bruce Hockman.
That certainly rings true for 123 Financial Group, based in Charlestown.
The firm’s loan brokerage has experienced unprecedented enquiry about refinancing since mid-March.
123 Financial Group Director, Jennifer Richardson, said that the change was so sudden and people were in need of quick services from their firm.
“All of a sudden people were genuinely scared about their financial situation,” she said.
“A lot of our clients are in the 20’s to 40’s age group and coronavirus was a real wake-up call as to how quickly things can change, especially if your job comes under threat.”
As a result, it’s been an even busier time than usual for the local firm, which had already significantly expanded its team and services in the past few years.
Bec Morrow was recruited based on her exceptional customer service record over 13 years working for a major Australian bank, where she was a Senior Lender.
She gravitated towards the role as she saw the opportunity to work more closely with clients and make a real impact in someone’s life in a smaller business setting.
“What really attracted me to moving away from the big corporate and coming over to 123 Financial Group I that I’m now in an established small business where I can actually spend the time focusing on my clients on a more personal basis.”
“I’ve set up my life and my family here in the Hunter and to be working for a local business, saving people money – it’s exactly where I want to be,” she concluded.
IMAGE | Lending Specialist, Bec Morrow, appointed to 123 Financial Group.