BUSINESS
Shelley On-Point As Borrowers Seek Expert Advice
WORDS: Ocean Road Magazine PHOTOGRAPHY Supplied
The lending landscape is facing many challenges with cost-of-living pressures, speculation over interest rates and housing shortages. But is it becoming more difficult to borrow money? Ocean Road spoke to the Managing Director of Preston Point Capital, Shelley McGinty, who offered some expert guidance, and detailed how her business is staying competitive in the current climate.
Tell us a bit about your background and how that shaped your ambitions to set up Preston Point Capital?
In my previous roles at various banks and brokerages, I witnessed a glaring lack of genuine understanding for customer needs. This realisation struck a chord, as I firmly believe that when clients entrust us with their most significant financial asset, it becomes our solemn duty to utilise our natural passion and expertise to ensure they receive nothing short of the best possible service and products.
At Preston Point Capital, the selection of our brokers and support staff is a paramount aspect of our entire process. We adopt a ‘personality type’ approach rather than a ‘skill type’ approach when hiring, because our utmost value is to forge everlasting relationships with our clients. While skills can be taught over time in this industry, we have found that character cannot be imparted.
With our finger on the pulse of market-leading technology, we remain up-to-date with the banks’ latest policy and product updates. This enables us to adapt to the current competitive climate, offering our clients the best products available in the market. Our turnaround times are also market-leading, as we have worked tirelessly to streamline our processes, ensuring our clients receive swift results and expedited approvals.
We strive to instil a sense of complete confidence and control over our clients’ finances. Preston Point Capital has earned a reputation as the go-to broker when others fail to secure a deal. I believe every client deserves access to a top-tier broker and a professional who genuinely cares about their individual financial circumstances, working tirelessly to improve and manage their financial position on an ongoing basis.
I founded Preston Point Capital driven by a passion for finding solutions and achieving outstanding results for my clients. It is my unwavering belief that this level of personalised attention should be the standard, not the exception.
What are you seeing with lending conditions generally and what trends are emerging?
The lending landscape has become increasingly challenging with the high interest rate environment, making it harder for borrowers to maximise their borrowing capacity. In response, some banks have loosened their policies to remain competitive, creating opportunities for savvy borrowers.
One notable trend is the rise of broker-originated mortgages in Australia, now accounting for a staggering 74 per cent of all mortgages written. This underscores the pivotal role brokers play in navigating the intricate lending market and securing the best deals for their clients. Having a top-tier broker on your side has never been more crucial.
With their in-depth knowledge, industry connections, and negotiating prowess, an exceptional broker can unlock doors that may otherwise remain closed, ensuring you secure the most favourable terms and rates. In this ever-evolving lending climate, aligning yourself with a broker who truly understands your unique circumstances and financial goals is paramount.
There’s a lot of talk around housing shortages and cost of living pressures. How has this impacted your business and what are you doing to counter those challenges?
The housing market’s challenges have certainly made securing lending tougher; it’s more difficult for clients to obtain financing, particularly in the residential space. However, I’ve taken a proactive approach by diversifying my offerings.
Alongside traditional mortgage lending, we now specialise in SMSF (Self Managed Super Fund) lending and have also branched out in the commercial finance space. I’ve found many of my investor clients are similarly diversifying their investments once they’ve maxed out their personal capacity. It’s a strategic move to counter the market pressures and explore new revenue streams. At the end of the day, adaptability is key in this ever-shifting landscape.
We know this is like asking how long a piece of string is – but where do you see interest rates heading?
It’s an incredibly challenging question to answer with certainty – even the top economists at major banks seem divided on where interest rates are headed. In these turbulent times, a crystal ball would be invaluable!
While I haven’t noticed any indications of rates decreasing this year, I remain hopeful along with the majority of Australian homeowners. The situation is fluid, and we can only wait and see how it unfolds. I am keeping my fingers crossed for some relief. I do however recommend that everyone with a mortgage does reach out to a broker to ensure they are at the lowest interest rate possible.
There’s talk around the ‘bank of mum and dad’ assisting first home buyers. Are you seeing that and what emerging demographic is on your radar when sourcing capital?
You’re absolutely right, we have noticed a significant rise in parents assisting their children to get onto the property ladder. It’s not just limited to first-home buyers either – we’re seeing plenty of cases where parents are providing financial support to help children secure investment properties as well. With the cost of entry being so high these days, the ‘bank of mum and dad’ is playing a vital role.
To cater to this trend, we have several security guarantor finance options available for equity-rich parents looking to leverage their existing property assets to assist their children, without having to outlay any of their cash savings. The demographic we’re seeing as the most active in this space tends to be families with adult children in their late 20s to mid-30s. However, we’re increasingly working with clients across a broad age spectrum when it comes to intergenerational property investment and wealth transfer strategies.
The GC has a pretty resilient economy. What factors does the city have that makes it a growth city and a great place to do business?
The Gold Coast is a highly liveable city, and with technology advancing rapidly, I’ve noticed many of my interstate clients (particularly from Melbourne) making the move up here. You simply can’t beat the lifestyle.
The city boasts a thriving economy driven by tourism, construction, education, and technology sectors. Its stunning beaches, world-class attractions, and enviable climate make it a prime destination for locals and visitors alike. But what truly sets the Gold Coast apart is its unique blend of urban convenience and coastal living. You can enjoy all the perks of a modern city while being just a stone’s throw away from breathtaking natural wonders. It’s a place where work-life balance is effortlessly achieved, and quality of life is paramount. The vibe here is just electric!
“No Fuss, No delays, Just result!”
Contact – Shelley McGinty
M: 0474 722 722 – [email protected]
