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Fierce lender competition in the mortgage space should help brokers write greater volumes, one aggregation head has claimed.
Speaking to The Adviser, Connective’s Mark Haron said that with so much competition in the market at the moment, customers are becomingly increasingly confused about what makes a great rate and a great product.
“Brokers have a great opportunity to get in there and clear up the confusion,” he said. “Brokers can offer guidance and support to help borrowers navigate their way through the confusing and complex world of mortgages.”
Mr Haron said that the more brokers capitalise on borrower confusion, the greater their market share will be.
And this is seemingly already happening, with statistics from JP Morgan showing the use of mortgage brokers is on the increase.
According to data from JP Morgan, broker market share has grown from 40 per cent a couple of years ago to approximately 43 per cent.
In addition, Mr Haron said Connective had seen a significant leap in its broker volumes over the past 12 months – suggesting brokers are writing more business than ever.
“Over the last 12 months, we have seen our broker numbers climb by 26 per cent and our volumes soar 40 per cent, which proves our writers are settling more,” he said.
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