Brisbane-based CGIO Finance has relaunched as ‘borro’, with owner Cara Giovinazzo declaring the brokerage will be able to allow customers to compare, apply and save on a wide range of finance loans from one convenient location.
Ms Giovinazzo said the launch of borro was timely given the introduction on January 1 this year of Best Interest Duty (BID) laws, which she believes are “a change for the better for our industry”. “The change from CGIO Finance to borro will better reflect who we are and what we do as a business at a time when the broking sector is also changing for the better under BID,” she said. “Our team of finance specialists at borro work hard to help our customers borrow money for many different reasons and purposes.
“We are finance brokers who don’t just help with home loans, but we can assist with personal finance, car loans and asset finance, business cash flow lending, commercial and agricultural lending and much more. borro also has the technology to compare all loans across a large panel of more than 50 lenders to find the right solution for our customers.
“In many cases, we have been able to combine finance types, for example, home loans and personal loans, to deliver outcomes for our client that put them in a better position and saved them money. This would not have been achieved if we only had access to home loan finance only. By having a broader knowledge of how different loan types can complement each other, we can help deliver better outcomes. We have a range of options to help our clients ‘borro’ money for most purposes.”
Ms Giovinazzo said the BID laws means consumers enjoy even greater protection when they use a broker and were a major point of difference between brokers and banks. “While brokers have to follow the Best Interests Duty, the banks do not,” she said. “A broker must give their client the best possible recommendation from all the lenders on that broker’s panel. However, a bank will recommend only its own products, even if there are better alternatives. Bank staff have no legal obligation to act in the client’s best interest, and are actually remunerated to sell their own product, even if this is not in the best interest of clients.
“With brokers now legally required to always act in the client’s best interest, banks have no such requirement. Consumers are already shifting more and more towards using brokers instead of bank channels and we expect to continue to see this shift more and more in the broker’s favour. That’s why at borro we ensure all our finance specialists can meet the needs of our clients, including not just home lending, but a large range of other finance types, to deliver a more comprehensive service for our clients and to deliver better outcomes.”
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