It's estimated that approximately $350 billion worth of mortgages are due to come off fixed rates in 2023, coupled with the RBA lifting the cash rate to 3.35%, there's no doubt many clients will be looking for assistance in this time of uncertainty.
With brokers now at 71.7% market share, you need all the tools you can get to prepare for the fixed rate cliff and save you time.
FLEX can help you prepare for impending fixed rate expiries from your existing database. Follow the below steps to retrieve a report containing the expiry dates of your fixed rate loans.
From the FLEX homepage, select the Loan Accounts tab under Quick Links.
Click on the Menu and scroll down to locate Columns Displayed.
Use the arrows to move the required fields to the right ‘Selected Columns’. Move anything that you don’t need to the ‘Available Columns’ on the left and click Save.
Next make sure the drop down is either on My Accounts or All Accounts. Terminology will depend on how you are set up in FLEX.
You can choose to select a predefined query from the top right of the screen or export all the data and then sort in Excel.
To export the data, go back to Menu and select Export. Click Next and the file will download.
Open the Excel file and sort the data as per the column heading (eg Fixed rate expiry) as needed.
When you are a SMART broker, the Red Alert campaign automatically gives you a monthly list of customers who are likely to discharge their loan and could take their business elsewhere. The campaign flags your customers under six different categories. It can then send your customers a tailored email from you, offering information on a range of alternative solutions (known as the "Next Best Action"). This strategy is effective in helping retain your customers and increase your repeat business.
Within Analytics, there is a report called "Active Loan Accounts" this report provides you with a list of all your Active Loan Accounts. It shows you the expiry dates of your customers with Fixed and Intro periods as well as Interest Only periods, and their expiry dates to assist with your retention activities.
If you'd like to access Red Alert campaigns and the complete feature set of Analytics, you need SMART. Please find out more on our website or contact our SMART team at marketing@afgonline.com.au