mortgage broker Basil (Baz) Frank tells NZ Adviser why financial advice is invaluable and what he, if given the chance, would improve about the industry.
Q: Who or what has inspired you to become a broker?
I like working with people and helping people. One of my dad’s friends owned a mortgage brokerage business in my hometown in South Africa and after three years at university, I started working for him. I liked it, and have never looked back.
Q: Why do you like being a mortgage broker?
I like helping people and experiencing the joy of reaching their goals with them.
Q: What was your most memorable client experience?
I’ve assisted a single mum into her first home when she never thought she’d be able to own a home. The joy and excitement on her face when we caught up for the structure meeting was amazing to experience.
Q: How would you sum up brokers in three words?
Good as gold.
Q: What do you see as the biggest opportunity for brokers in 2018?
The advice process – our advice on a client’s specific position or situation is invaluable. With all the changes that are constantly happening from lenders, it’s difficult for clients to keep track of, or understand why it’s happening. We’re able to place the clients with the right banks according to their situation and plans going forward.
Q: If you could improve one thing about the industry what would it be? And why?
LVR changes to first-time home buyers. There are so many first-time home buyers that just can’t get to 20% deposit required. It would be great if we could get them to buy properties at 10% or even 5% deposit.
I think the first-time home buyers are probably the most valuable for the industry going forward and if we’re able to get something in place to help them out it would be great. All future investors, developers and second-time home buyers will come out of the first-time home buyers of today, so I think there should be something in place to really look after them better.
Q: Outside the broking business, what else do you enjoy doing?
I enjoy spending time with my family, being outdoors such as fishing.
Q: If you were Prime Minister for one day, what would you do?
I’ll give (South African President) Jacob Zuma a call.
Q: If you could have dinner with any three people (dead or alive, excluding family or friends), who would you invite and why?
Steve Jobs – I think he was the greatest entrepreneur ever.
Jordon Belfort – Would be great to have a few drinks with him and to hear the stories he has.
Elvis Presley – just to say that I’ve had dinner with Elvis.
Q: Complete this sentence: If I wasn’t in mortgage broking, I would be…
I’d be in the real estate industry.
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