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The dip in broker confidence was highlighted by the Mortgage Business Index for Q2 2009, which dropped 8.1 points from Q1 2009 to 33.3.
The quarterly Mortgage Business Q2 2009 Sentiment Survey analyses brokers’ expectations using four key indicators – business growth, volumes, marketing spend and recruitment – which form the Index.
According to Mortgage Business news editor Kate Miller, subdued broker sentiment can be closely linked to changing RBA policy, which has shifted from dramatic rate cutting to one of restraint in recent months.
“While recruitment and marketing plans for the industry have remained stable the belief that the rate cycle has neared its bottom has dented broker confidence about business and volume growth,” Ms Miller said.
“In the Q1 report, 80.1 per cent of brokers expected rates to fall over the coming period – a figure that has now tumbled to 42.9 per cent this time around.”
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