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Industry pioneer Mark Bouris believes finance brokers are well-placed to capture an even greater slice of the mortgage market.
The Yellow Brick Road founder says brokers play a crucial role in guiding Australians when they're making one of the biggest decisions in their lives.
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“When making what’s likely the biggest financial commitment of their lifetime, people need someone who can guide them through the process, someone who they can trust to find the best deal available. A finance broker is in the best position to provide that service,” he said.
Mr Bouris, who is an adjunct professor for banking and finance at the University of New South Wales, believes some overseas trends will make their way here and more Australians will use brokers to facilitate loans.
“In the UK, 76 per cent of loans are done through a broker and 87 per cent of the actual loans are through mutuals, building societies and regional banks. That same trend is now beginning here as banks realise old ways of operating aren’t working,” he said.
Mr Bouris has also lent his support to National Finance Brokers Day (NFBD), an initiative founded by Suncorp Bank BDM Dino Pacella and supported by the industry’s peak bodies.
Mr Bouris said a day dedicated to the broking industry is vital because of the increasingly important role brokers are playing in the financial lives of Australians.
He urged brokers to support the NFBD on August 17, saying it’s a great opportunity to promote the benefits and differences that distinguish a broker from a bank.
“The day affords us the opportunity to communicate this to Australians on a mass scale,” Mr Bouris said.
[Related: 'Forget the home loan business,' Packer told Bouris]
