Peter Savage has always had an interest in wealth creation. As the founder of Savage Money, a digital brokerage specialising in assisting the self-employed, he’s also on a mission to help his clients achieve their financial dreams.
Growing up on a social housing estate, Peter’s financial aspirations were fuelled by a desire to better his circumstances. His initial foray into the workforce, a stint in a factory at 17, exposed him to the stark reality of conventional employment and soon had him weighing up his options to crack the money code.
From the factory to financial wizard
Before too long, Peter started leveraging his wages from the factory to acquire assets. Looking back, he says the journey was fraught with challenges, especially regarding the financial guidance he was receiving.
“I was going to see a bank, and I’d get a bank manager trying to tell me how to buy property, and he didn’t even have an investment,” Peter recalls.
Having amassed a significant property portfolio, Peter decided it was time to take his firsthand experience and share it with others, and from this, Savage Money was born.
How Savage Money helps clients
Savage Money is now a little over a year old, and Peter is already on track to dominate the digital brokerage space, having written over 124 loans in the last 18 months.
Peter and his team go above and beyond when it comes to servicing their clients, but it’s his strategic partnership with Australia’s #1 online lender to small business, Prospa, that has helped take this level of service one step further.
Streamlining processes with a digital-first platform
As a digital broker, Peter says partnering with an efficient lender is critical to success. Prospa, with its flexible funding solutions and innovative digital platform, has played a pivotal role in streamlining this journey for his clients.
“This is a dinosaur industry,” Peter comments, highlighting the outdated practices often found in the financial sector. Prospa’s digital solutions inject a new life into this landscape, making financial transactions swift, accessible, and tailored to the needs of modern businesses.
Borrowing from a conventional lender often involves intricate paperwork, time-consuming processes, and endless red tape. With Prospa, Savage Money has embraced a faster and more user-friendly system, that takes an almost ‘plug-and-play’ approach to finance. It’s a win for Savage Money and its customers.
Providing real-time assistance and support
A key advantage of partnering with Prospa for Peter is the real-time assistance and support it provides brokers. Whether it’s clarifying specific loan details or seeking guidance on unique financial scenarios, Peter knows that help from Prospa’s Business Development team is just a quick call away.
“If ever I have a client question where I don’t know the answer, I can go, ‘Bang, I’m booking a phone call. Because I know this – but I don’t know this.” Having a local Prospa expert on hand lets Peter get on with business while still providing his clients with the best local expertise and service. Everything is geared towards allowing Savage Money to gather clients’ crucial information in a short amount of time.
Many of Peter’s clients are time-poor sole traders with little financial experience. Thanks to Prospa’s platform, access to finance can often be secured within the same day as an application, and clients can apply in a matter of minutes. “Prospa can follow up quickly; they can settle quickly. It’s great – because [the clients] just want the outcome. They want the least amount of resistance to get there.”
Capitalising on opportunity
Peter says the speed at which Prospa can process applications empowers businesses to seize opportunities and overcome challenges.
“A client came to me, and he wanted $150k on a line of credit just because he wanted to grow the business. And he got it – and he came back to me and gave me excellent feedback – because it’s allowed him to get more vans, get more staff, and grow the business,” Peter explains.
Stories like these make Peter realise his vision for Savage Money is on track. By tuning into clients’ needs, providing guidance where needed and establishing the right strategic partnerships, Peter sees his role as a conduit for business owners to achieve financial success.
