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New partnership a boost for home buyers as borrowing becomes easier

John Thistleton 21 August 2019 1
Nitish Kumar

Nitish Kumar: with lending conditions easing it’s a good time to re-visit a loan application. Photo: Supplied.

A young Canberra mortgage broker recognised for outstanding work, Nitish Kumar, and Ray White Canberra have launched a new partnership. The timing could not be better, with a new less-restricted lending landscape settling over the housing market, as Nitish takes up the Loan Market franchise at Belconnen.

Nitish says lending conditions have eased over the last six weeks. The Australian Prudential Regulation Authority has amended the assessment criteria banks are required to undertake, changing most people’s borrowing capacity. “That has been a big change, the interest rates have been coming down over the last couple of months as well, so the lending landscape is completely different to what it was six months ago,” the mortgage broker says.

He advises people previously rejected for a mortgage to re-apply. “Even as recently as three months ago, if someone was unable to get a loan, it is time to re-visit the issue. Have a look at the options again and see if it is feasible to borrow now,” Nitish says.

Beginning his property career as a real estate agent, Nitish switched to lending, realising he could help more people into home ownership. It wasn’t long before industry publication The Advisor recognised him as one of the Top 30 brokers aged under 30. Determined to continue in his own direction for optimum customer satisfaction, Nitish turned to Ray White Canberra, with whom he has a good relationship going back several years. From there the partnership agreement was forged.

He has a strong following in property circles, and as a new franchisee he will be widely accessible for home buyers. “Most people are at work during business hours, so we can see them after work in the office. I can do some appointments on Saturday, too,” Nitish says.

Nitish looks at applicants’ income, their assets and liabilities and will ask for a general idea of what they are hoping to buy. “We will then explain the process to them. It can be quite complex, and that’s where mortgage brokers come in, to make the process as simple as possible and stress free. We will do all the leg work,” Nitish says.

“I love that as a broker you’re on your client’s side. The lending space is more complicated than it has ever been with each lender having a unique policy and products. As a broker, I assess the client’s circumstances and recommend a suitable product and lender for their needs which increases their chances of obtaining an approval. Being able to offer solutions to clients who have struggled to find finance is the part of my job that I love the most,” he says.

“Dealing directly with a bank can be quite complex, especially if you approach the wrong bank. One of the major benefits of using a broker is being directed to a bank which best suits a client to make the process easier.’’

Ray White Canberra is excited to be in partnership with the lending young gun. “Nitish fits perfectly with our philosophy of service before sale,” Ray White Canberra chief executive Ben Faulks says. “He values relationships over just focusing on transactions, and will enable us to expand our service offering to our growing client base.

“Ray White Canberra helped more than 600 buyers and 600 sellers in the last 12 months, and manages more than 950 properties for our tenants and landlords. For many people, the finance process is a pain point, so having someone who is solutions- focused in that space is a great outcome for our clients.”

Loan Market in Belconnen can also help small business owners with finance. “Small business lending has changed as well. There are a lot more lenders willing to help out,” Nitish says. “One of the advantages Loan Market offers is a number of lenders who do business and commercial lending.”

Nitish says Loan Market is a national brand with better leverage to get discounts and superior offers from the banks. Loan Market is a family-owned business, completely unbiased, whereas many of the major aggregators have some ownership involving the banks. Nitish will collaborate with highly regarded Loan Market broker Craig Butt, at Ray White, Woden.


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Acton Acton 6:41 am 23 Sep 19

You don’t need a mortgage broker. Work out your own budget, calculate what you can afford on monthly repayments and then check around to see which lender will give the best loan deal on your calculated repayments. You need to factor in an interest rate rise as a safety margin. Don’t just go for the highest loan a bank or mortgage broker says you can have. Mortgage brokers have got a lot of people into financial trouble, particularly those pushing low document loans and low income earners. Remember the subprime crisis.

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