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How Safe Is Perpetual Trustees?
Mortgage House Australia Transforms into Funder and Retailer
Tuesday, April 24, 2007
Fed up with hitting his head against the proverbial brick wall Ken Sayer, Managing Director of Mortgage House Australia concluded that the only way to address an industry grievance was to tackle the issue independently.
Sayer says "I've been in this business for many years and from Day One two complaints from consumers have been resonating in my ear and have never been dealt with".
They are, he says, "the process takes too long and no one ever tells me what's going on". "When the finance application goes in the customer gets treated like a mushroom. There's a complete lack of communication.
The only dilemma he is faced with is how to market Mortgage House's new model.
"If I said that we are faster than NAB, safer than the NAB and more efficient than NAB I'd get laughed at even though it's true," he says.
"The reason we're safer is because the custodian of deeds is Perpetual Trustees. They're stored off site and there's an audit regime so if this building is burnt down the public company has the deeds and integrity in tact."
His solution will be to rely on service and word of mouth.