Attracting & Retaining First Home Buyers? 5 Strategies

Attracting & retaining first home buyers

Helping first home buyers is one of the great privileges you have being a mortgage broker. Buying a first home is one of the most exciting times in a person’s life. Many Aussies have vivid memories of attending their first auction, or getting the keys to their first place and moving in. As a mortgage broker, you are right in the thick of that wonderful transaction. 

You have the opportunity to help someone through one of the most thrilling moments, and if you do a great job, it means so much!

Now, with the recent announcement from the Albanese Government that it will be expanding the criteria of the Home Guarantee Scheme, it is even more important to understand how you can help first home buyers, and provide them with a superior level of guidance.

Here are 5 things you should do to attract and retain first home buyers.

Vision Aggregation’s Strategy 1: Build an info pack.

It is important to position yourself as an authority on ‘all things first home buyer’.

This includes building an e-book or a collection of videos of you quickly explaining key things first home buyers need to know. This could include the process, the team they need, key jargon, grants, guarantors etc.

There are loads of resources online; do some research, add your own flavour to it, and publish it.

This may take you a few hours or a day to build, but you will have something permanent that you can send to prospects, or referrers etc.

Where can you find some example information packs? Below is a list to guide you in this process:

Vision Aggregation’s Strategy 2: Using First Home Buyer schemes for lead generation.

First-home buyer schemes are powerful; get to know them and market them. 

Anytime any government (federal or state) announces a change to a scheme, you should jump all over it. Most Australians buying a first home will need to understand what they are entitled to. 

Do you know that first home buyers can save $40,000+ buying a first home. That is a very powerful message. 

  • Stamp Duty waivers/concessions – save up to $24k in stamp duty (state by state).
  • First Home Guarantee – save over $20k in Lenders Mortgage Insurance.
  • Access grants for new properties – $10k.

The Federal Government did announce some recent changes that will expand the number of people eligible to participate in the Home Guarantee Scheme. Read our article on the Home Guarantee Scheme to Expand from July 1st: 3 Impacts for Mortgage Brokers.

These are all things you can talk to prospects or clients about. You should update your potential referrers too.

Vision Aggregation’s Strategy 3 – Be the project manager.

Show your first home buyers that you will steer the ship for them.

One of the stressful parts of buying a first home is the clients must deal with so many different parties who all represent an important part of the process. Mortgage brokers can take control and help the clients manage all these communications. This creates 2 huge benefits:

  1. Your client will find the experience smoother and will appreciate your work more.
  2. You could network with all these other professional, including real estate agents, conveyancers, building inspectors, accountants etc. You can expand your networks so quickly this way.

Vision Aggregation’s Strategy 4: Communicate, communicate, & communicate!

There is no such thing as over communicating to first home buyers.

Mortgage brokers who have been operating for several years can fall into the trap of assuming first home buyers know more than they do. Mortgage brokers may think young prospects have spent days training themselves on the internet and have learned the intricacies of fixed rates verse variable rates and know the process back-to-front. They are just as time poor as us.

We need to assume that every client needs full communication on everything. That is at the start of the process, all through the submission, up to settlement and beyond.

Build a communication framework that ensures they are regularly updated on the progress of their application. For them, silence is deafening, so you need to keep talking to them!

Vision Aggregation’s Strategy 5: It doesn’t end at settlement.

Post-settlement care is the cornerstone of a sustainable brokerage.

It is critical that the settlement day becomes the ‘START’ of your long relationship with the client. You should have a post-settlement care framework that involves:

  1. Check-In: Checking in to see their loan and accounts set up is okay, and they understand how everything works.
  2. Survey: Get their feedback via post-settlement survey.
  3. Newsletters: Add their details (email or mobile) to ensure they get regular industry updates from you, in the form of blogs, videos, and emails.
  4. Annual reviews: Ensure they get a call from you at least once a year to ensure things are okay. Ensure that their rates are still competitive.
  5. Key dates: If they are rolling off fixed or Interest Only, that will be an opportunity for you to help.

Vision has a ‘Retention’ service which helps you with some of the above. Call us to find out how.

How Vision Aggregation supports brokers, and their clients.

We provide our brokers with regular updates on all segments of the marketplace, whether it be first home buyers, upgraders, portfolio builders or sophisticated investors. We want all our brokers well placed to deal with any opportunity that comes their way.

Additionally, we have a specialised ‘Retention’ service to ensure your maintain your client base, attract new clients, and remain superior in the competitive world of mortgage broking. Contact us today.

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