Awesome Mortgages business success

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‘‘Where still here and where here to stay and write loans for borrowers who want a reward from their mortgage or who simply want a killer interest rate with flexibility. This is the war cry from Awesome Mortgages who recently changed its name from Refund Mortgage Corporation as they open their 6th new franchises in Tasmania.

Margaret Macnamara the groups managing director says: “Who doesn’t want a good home loan they can pay off faster and have cash back in your hand to choose how you want to spend it… our borrowers are laughing at rate increases with their Awesome Mortgage from Awesome Mortgages.

Awesome Mortgages is a franchise business of Mortgage Corporation Network who are lenders and mortgage managers not brokers, so their business model is different they enabling them to offer all these options. The most important part of this model is that it allows a direct and developing relationship between the borrower and the lender to follow. They favour service and direct contact during the term of the loan, helping and giving sound borrowing knowledge.

Mrs Macnamara says, “Since the 80’s we have been spreading the non-bank lender base home loans and investment loans message. In 1988 we pushed for the banks to become accountable. We are only half way there and the non-bank lenders have grown by over 500% in ten years. There is still an enormous amount of growth to go as the banks simply cut services everywhere. We don’t care we will help borrowers anywhere. “

Mortgage Corporation Network who are rolling out franchises for Awesome Mortgages say they have had a wonderful response from people wanting to enter the mortgage industry… people who care about other people and want to work for themselves. But it’s our borrowers who are really happy. One applicant who is settling a $296,000 loan can’t believe they are getting a $1,184 reward simply by writing their loan with Awesome Mortgages. But it’s not a gimmick “the rate was real sharp” said the borrower.

This new business model had been developed based on their lending practice over the past 24 months and has really been perfected over the last 6 months. A Sydney based franchise is already in place as is Brisbane and Melbourne and Canberra, along with our Gold Coast office. Three more franchises are already being sought as well in Brisbane, Sydney and Melbourne. They believe they will have 20 franchises on the ground within six months. “It’s so simple and great value compared to mortgage broker franchises, and our training and methodologies are so simple and straight forward.” The profile with the Franchise Council of Australia has been putting them in contact with 1 person per week on average.

27/08/2007

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