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With increasingly aggressive lenders vying for dominance of the mortgage market and buyer numbers increasing, now is one of the best times to be a mortgage broker according to one aggregator.
FAST CEO Brendan Wright said the banking environment has never been more favourable for brokers: “Competition is red hot,” he told The Adviser. “It’s at an all-time high, which is providing great opportunities for brokers.
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“Various lenders are doing things in the commission space which is further validation that competition is picking up, as well as the competitive rates and products that have been hitting the market.”
Having just held a series of broker forums around the country, Mr Wright said brokers had been told that quality of service in the current market has become paramount.
“Our broker forums are part of our disciplined event structure that helps support our brokers be successful in their business as part of our value proposition.
“Guest speakers spoke on a number of themes, including the lending environment, but brokers also flagged other areas of interest including technology and diversification.
“Brokers told us that having [access] to a quality platform through their aggregator was a strong theme during the forums. They continue to identify technology as an important aspect in their business to help them be more efficient and effective.”
Mr Wright said that as consumers begin to demand more and more from brokers, those who have not diversified into other areas of financial services may soon be left behind.
“The environment we operate in continues to be more and more complex,” he said. “Whether your clients are business owners, consumers or investors, they’re looking for brokers to meet more of their needs instead of [having to visit] various service providers.”
