Ditching a high-pressure job for a career change brought passion and motivation back into this Aussie Home Loans’ mortgage broker’s life.
When Patrick Vagg was just twelve years old his parents upped sticks and moved from a sheep and cattle farm in regional Australia to the big smoke. The pre-teen Vagg recalls spending every weekend for months in the back of a car, driving around with his mum, dad and brothers looking for the perfect block of land to build a house on.
He suggests this might have been when his passion for property was born. Indeed, by the age of 21, Vagg had bought his first home.
“I went through a broker for finance and I thought ‘I could do that’. I looked into it various times over the next few years but never took the plunge,” he says.
Seven years later, Vagg is working a high-pressured job and spending up to 40 weeks on the road when he and his wife decide to make their dreams of having a family a reality. Vagg tells Kochie’s Business Builders (KBB) he knew something had to give. It was time for a career change.
“I finally made becoming a broker a reality to be home with my kids every night,” he explains.
Today he runs a successful mortgage broking business with Aussie Home Loans. Vagg likes to think he is in the business of building dreams that helps everyday Aussies find the right home loan to suit their needs.
“I compare hundreds of different loan options so that they don’t have to,” he explains. “I enjoy the challenge of finding a solution for people. Unfortunately, a lot of the people I help have already gone to their bank, got the run-around and been told no. They then come to me hoping for a yes.
“I love trying to find a way to help them realise their property dreams. I get a real buzz when those clients then refer to me to a friend or family member as it means I have done a thorough enough job that they would trust me enough to recommend me.”
“I am open and forthcoming with my clients and have a genuine ‘be of service’ attitude. I like to give clients options rather than just steering them towards one lender in particular. I avoid being dismissive of tough questions and try instead to educate my clients throughout the process.”
Vagg suggests people need to find a broker that they trust and they feel they can partner with.
“People need to look for a broker first and foremost that isn’t going to charge them anything. We get paid by banks not clients.
“A lot of my business is refinancing which often involves consolidating other debts like credit cards and personal loans. If a person goes into their bank and they have a home loan, a credit card and a personal loan with that bank and they say they want to refinance, the bank typically just offers them a lower rate. Maybe. They may not offer the client the opportunity to roll in the personal loan at 12-ish per cent or the credit card they are charging 20 something per cent on. So whilst, yes they would end up with a larger loan with the broker that wraps it all up, they still have the same amount of debt, often at a much lower interest rate.”
“Buyers can also spend a lot of time and money doing what they think is the right thing to get them ready to buy only to find they have put themselves in a worse position. Seeing a broker initially can help them put a plan in place to avoid this,” he says.
Vagg suggests there are a number of benefits of using a mortgage broker, the biggest being choice. Using a broker will open a lot of options for a buyer.
“If a person gets told no by their bank they don’t get told they could get a loan under a different bank’s policy, they simply get told they can’t get a loan. A broker will help them avoid lenders that won’t help them. I help my clients every step of the way, especially first home buyers, with everything from how to fill in their Contract of Sale to how to set their lending up to reduce their interest as much as possible.”
Vagg tells KBB he finds the mortgage broking business very rewarding.
“It is the ultimate effort = reward role. If you have a genuine desire to help people, are interested in property and are willing to work as hard as you have to for a result, then it is for you. I will never do anything else.”