When you refer a client, your name goes with them. This page is about what happens next, so you can decide whether that is a risk worth taking.
A referral is a small loan of your credibility. If it goes badly, the client does not blame the broker. They remember that you sent them.
So the questions that matter to you are not the ones a borrower asks. You want to know whether your client will be looked after, whether you will be kept informed, and whether anything will come back to you.
I will tell them when the answer is no
If something is not going to work, or the timing is wrong, they hear that from me early rather than after weeks of hope. Nobody comes back to you asking why they were strung along.
I will stay in my lane
Tax questions go back to their accountant. Property questions go back to their agent. I handle the lending and I do not offer opinions on work that is yours.
I will keep you in the loop
With the client's consent, you get told when things move and when something needs attention. You should not have to chase either of us for an update.
I will not go quiet
The most common complaint about brokers is silence. If there is nothing to report, I will say that rather than leave the client wondering.
Accountants
Self-employed clients, company directors and trust structures, where the return was written to manage tax and now has to be read for borrowing capacity. If a client is a year out, the conversation before the next lodgement is often the useful one.
Buyers agents
Knowing what a client can genuinely work with before you start shortlisting, and how a purchase affects what they can do next. Better to find the ceiling early than at the offer.
Real estate agents
Buyers who need to know where they stand before they bid, and construction clients who need the loan side to keep pace with the build.
You send them my way
An introduction by email, a phone number, or point them at the readiness tool on this site if they are early and just want a sense of where they stand.
I make contact quickly
Usually within one business day. Your client should not be left wondering whether the referral went anywhere.
We work out the position first
Before any talk of lenders or products. If there is a problem, we find it now rather than after an application has been lodged.
You get an update, with their consent
What is happening, what is needed, and anything that affects your side of the work.
Some referral relationships involve a fee, and some do not. Where a fee is payable, it is disclosed to the client in writing before any credit assistance is provided, as required under the licensee's arrangements. That disclosure includes who is being paid and a reasonable estimate of the amount.
If you would rather no fee arrangement exists at all, that is completely fine and makes no difference to how your client is handled.
Full details of how referral fees are treated are set out in the Credit Guide and Privacy Disclosure.
Aman Sidhu. Based in Ballarat, working with clients across Australia. Certificate IV in Finance and Mortgage Broking, Diploma of Finance and Mortgage Broking Management, MFAA member 578479, Credit Representative 555735 of Purple Circle Financial Services, Australian Credit Licence 486112.
Before broking I spent time inside a major Australian bank learning how applications are actually assessed, and worked in superannuation and investments. More about how I work.
Most referral relationships start with a chat about the kind of clients you see and whether I am the right fit for them. No commitment either way.
Get in touchOr call 0401 074 027Aman Sidhu is a Credit Representative (Credit Representative Number 555735) of Purple Circle Financial Services Pty Ltd ABN 21 611 305 170, Australian Credit Licence 486112.
Information on this website is general in nature and does not take into account your objectives, financial situation or needs. It is not credit assistance or a recommendation to apply for any particular product. Your full financial situation and requirements need to be reviewed prior to any offer or acceptance of a loan product.
Know where you stand. Know your options. Move with confidence. Based in Ballarat, working with clients across Australia.
Aman Sidhu is a Credit Representative (Credit Representative Number 555735) of Purple Circle Financial Services Pty Ltd ABN 21 611 305 170, Australian Credit Licence 486112. MFAA member 578479.
Information on this website is general in nature and does not take into account your objectives, financial situation or needs. It is not credit assistance or a recommendation to apply for any particular product. Your full financial situation and requirements need to be reviewed prior to any offer or acceptance of a loan product.
