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Brokers secure more valuable mortgage clients than lenders – and NAB Broker has the numbers to prove it.
General manager Steve Kane told the Australian Mortgage Conference yesterday that third-party clients were younger, wealthier and better educated than direct-to-bank clients.
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Mr Kane said 74 per cent of broker clients had a full-time job compared with 65 per cent for lenders, according to information NAB Broker has gleaned from market data.
He also said 57 per cent of broker clients had university degrees compared with 48 per cent for lenders, while 56 per cent of broker clients were under 40 compared with 48 per cent for lenders.
The average broker client took out a bigger loan and had a longer tenure than their bank counterpart – but there was no discernible difference in credit quality, Mr Kane said.
NAB Broker places a high value on mortgage brokers because they are introducing “new-to-bank customers” to NAB, he said, adding that brokers were likely to write about 55 per cent of loans in three or four years’ time, which compares with the 46 to 48 per cent they write today.
“Customers are voting with their feet. They’re using this service because they feel they’re getting trusted advice and they get someone who’s taking the pain out of it for them,” Mr Kane said.
