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Aggressive rate cutting and credit scoring are among the main worries of some of Australia’s best young brokers.
The Adviser spoke to three of the brokers from The Adviser’s 2014 Young Broker of the Year rankings to find out what they regarded as some of the industry’s key concerns.
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Mortgage Choice Brisbane general manager Matt Cunliffe, who finished second, said his main concern is banks competing based on price.
“I think the aggressiveness of the banks is causing clients to shop purely based on rate, and we’re seeing more and more of that,” he said.
“I don’t provide a service based on price; what I provide to clients is a service proposition, not a price-beating proposition.”
Mr Cunliffe said service is falling as lenders fight to win business on price, “which could only be a short-lived win” if rates start to increase.
Opal Finance director Brendon Marshman, who finished 20th in the rankings, said banks need to be more generous with LVRs.
“I think this space should cater for either first home buyers or investors who want a high LVR lend and can demonstrate a capacity to repay and meet responsible lending guidelines,” he said.
“Ideally, a 95 per cent non-gen product even with a rate loading and strict criteria to meet would be nice to offer if required from a client.”
Daniel O’Reilly from M’OR Mortgage Options, who finished 27th in the rankings, said his main concern is working out how he can get better at what he already does.
“There is perceived pressure that you have to keep reinventing yourself with the changes that the industry has gone through, but I actually don’t think that’s the case at all,” he said.
“We have a saying in the office that it’s ‘back to basics’ – what I mean by that is having exceptional knowledge of credit and lending policy, delivering outstanding service – just those basic things that you did from day one that you built your business on and that you keep doing over and over.”
