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Mortgage Choice boss John Flavell believes the increasingly complex lending landscape is an opportunity for brokers to utilise their skills and grow market share.
Mr Flavell said recent changes by the banks around the pricing and policies of investor loans are making the mortgage market more complex than ever before.
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“Ever since the Australian Prudential Regulation Authority mandated in December last year that investment lending growth should not exceed 10 per cent for Australia’s lenders, we have seen a number of banks make some sweeping changes to their policy and pricing in a bid to curb their level of investment lending growth,” he said.
“As a result, buyers increasingly need expert advice to help them navigate the home loan maze and find the right product for their needs – which is where mortgage brokers come in.”
Mr Flavell said that as a result of all the lending changes, he would not be surprised to see a lift in the number of borrowers seeking out the expert advice of a mortgage broker and, in turn, a lift in broker market share.
“Mortgage brokers not only have access to hundreds of home loan products from a variety of lenders, but they have the expertise, knowledge and ability to help property buyers find the right home loan product,” he said.
“Further, they can explain to borrowers exactly what the recent changes mean for them and their bottom line.”
[Related: Investor lending changes put brokers in 'fantastic position']
