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Example Interest Rates: Home Loan Variable: 5.20% (5.24%*) • Home Loan Fixed: 5.48% (6.24%*) • Fixed: 5.48% (6.24%*) • Variable: 5.20% (5.24%*) • Investment IO: 5.74% (6.40%*) • Investment PI: 5.49% (6.32%*)

Keep Employees Local

I'm often asked why I don't advocate for Virtual Assistants and offshore support. This post starts to explain why. It comes after a broker informed us today that a client was defrauded of 300k (he once had a 'coach' that actively encouraged a VA). The fraud was quickly traced back to the mortgage application.

1. Fraud

Mortgage clients are nearly 1000X more likely to be involved in a related crime such as identity theft when data is not controlled (once anything leaves our borders it is not controlled in any way). If offshoring to the Philippines a client is about 100X more likely to experience fraud within 18-months (other regions introduce varying risk with Eastern Europe a growing problem).

The increased likelihood of fraud objectively violates best interest and other local legislation.

Those that offshore often don't explicitly expose that their extremely sensitive data is exposed to unvetted employees... and this might often be reason enough for a client to seek services elsewhere.

When a VA makes less than 8k a year it's easy for them to be recruited into a seedy operation where they can make the same money in a day.

2. Unvetted and Unapproved Delegation

Offshore support is cheap, so a VA will often take on more than one business and then further outsource their work to others. This further dilutes quality and compliance assurances, and it increases the likelihood of fraud.

3. Skill Quality

Enlisting a VA means they'll often be trained for a single skill. A local employee can run your post-settlement systems, follow up on clients via telephone, run basic social, manage content, and build internal programs (for our clients this might be a Partner Program, Saturn, Jupiter, or any other). When hiring local you're essentially taking on a BDM, Office Manager, and future broker.

4. Buy Australian

It's important for Australian businesses to support Australian jobs. We need to support those that support our services.

Buying local doesn't apply in just a supermarket.

Not all offshore is bad. Sadly, Instagratify has a character limit so there's no room to list the positives

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