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Now is an opportune time for brokers to help clients achieve better mortgage outcomes, according to the Finance Brokers Association of Australia (FBAA).
The FBAA has said that the current lending landscape is presenting brokers with a “wonderful” opportunity to assist their clients in securing a better mortgage as banks compete to keep customers satisfied.
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The industry’s peak body has highlighted new survey figures from investment bank UBS, which show a marked increase in customers ‘seriously considering’ switching to a rival lender.
The survey of 1,150 revealed that the proportion of customers seriously considering switching rose to 12 per cent, an increase of seven per cent from last year.
“As an industry we have to be front and centre in this space and change the mindset of those who are not aware of the mammoth benefits of refinancing,” the FBAA’s Peter White emphasised.
“Banks can promote their latest online tools and other marketing ideas but the bottom line is that competitive forces are strongly at play and customers should always be asking the question,” he said.
“This is where brokers come into their own as they know the market better than anyone. More importantly, they understand their client’s needs which can be forever changing,” he added.
Mr White also highlighted that in the United Kingdom, in an effort to promote healthy competition in the lending sector, there are campaigns encouraging customers to shop around.
“This is the future and it is why the UK mortgage market has around 70 per cent of loans being arranged by brokers,” he said.
Australian mortgage brokers have a significant opportunity to learn from their offshore counterparts as shifting regulation reshapes the mortgage market.
The Adviser’s UK Study Tour 2016 is a two-day London conference that will provide brokers with unique insights into the mature and booming market.
To find out more about the UK study tour, or to secure one of the remaining tickets, click here or call Craig Lynch on 02 9922 3300 or email
[Related: Looming changes create new opportunities for brokers]
