Effective lead nurturing - Mortgage Domayne

Effective lead nurturing

June 24, 2023

Welcome to the finance update for the week ending 23 June, 2023.

Good news this week for borrowers with CBA announcing that they would become the second major bank (after Westpac) to bring in a reduced serviceability buffer of 1 per cent for select customers refinancing their loan with CBA.

Instead of needing to pass a buffer that is 3 percentage points higher than the product rate (as per the prudential regulator’s expectations), eligible applications received from this date will be able to pass servicing on the higher of alternative buffer rate of 1 per cent or the floor rate of 5.4 per cent. Hopefully many other lenders will soon follow.

In this week’s newsletter, we take a look at lead nurturing – why it’s important and how we go about doing it. If you would like to know more about how we can look after your leads who are not yet in a position to buy, please don’t hesitate to contact us.

Why is it important?

First and foremost, nurturing leads who are not yet ready to buy because they haven’t saved enough for a deposit, is a great way to help savers stay on track to achieving their home ownership dreams.

Effective nurturing of these leads also means they are better prepared for a loan application when the time comes, a process in itself that can be quite daunting for the uninitiated.

How do Mortgage Domayne nurture leads?

Beyond simply connecting with deposit savers periodically, we have invested in a technology solution that not only helps leads organise their finances in a very convenient manner via an app, it also allows us to set savings goals for the lead and then track their progress towards achieving that goal.

If they start to fall behind, we are automatically notified, and we work with them to get them back on track, or reset the goal so that it remains achievable. Similarly, as they pass savings milestones, notifications allow us to engage with the lead accordingly.

How does this benefit our referrers?

Whilst we all love a lead who is ready to buy now, discarding those who are not is denying ourselves a predictable source of future business. Our nurture program allows us to return leads to their source as qualified and ready to buy, ensuring no leads are wasted.

If you’d like to know more about our lead nurture program, give us a call on 1300 366296 and we can take you through how the process works.

Any changes in interest rates from last week are highlighted in orange.

Note – Increases announced by lenders as a result of RBA decisions normally take 1-2 weeks to come into affect.

Standard Variable

The rates below are based on a $500,000 loan, with the borrower making principle and interest payments with a loan term of 30 years. The rates quoted may vary depending on the borrowers LVR.

1 Year Fixed

The rates below are based on a $500,000 loan, with the borrower making principle and interest payments with a loan term of 30 years. The rates quoted may vary depending on the borrowers LVR. At the end of the three year fixed period, the borrowers interest rate will revert to a standard variable rate for the life of the loan.