Login
ISCOVER
Staff Reporter
Growing broker confidence will help boost the overall long-term potential of the industry, paving the way for a greater market share, Choice chief executive Brendan O’Donnell has said.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
According to Mr O’Donnell, brokers could boost their market share to 50 per cent provided they play their cards right.
“With credit licensing now upon us, I’m confident of the industry’s potential to gain 50 per cent of the mortgage market within the next three to five years,” he said.
Mr O’Donnell said broker perception to how they interact and engage clients has changed over the past 12 to 18 months as the concept of advice-based broking gained traction.
This in turn has changed brokers’ mindsets to their sales process as well as how they fact find and eventually recommend mortgages for their clients.
Just one year after its launch, Choice’s branded mortgage product suits, ChoiceLend, is now actively written by 60 per cent of its members.
Mr O’Donnell said that while he always expected good take up of ChoiceLend, it has now reached number five on the aggregator’s lender panel.
“We’ve certainly entered a new phase in broking and I believe that the growth of our ChoiceLend brand highlights the overall rise in the professionalism of brokers and their ability to engage clients as they strive to increase their customer service proposition,” Mr O’Donnell said.
"It’s easier to refer and transact a big bank mortgage – clients are aware of the brand and typically more comfortable in securing a loan from a big bank.
“To recommend a lesser known lender is usually a more onerous task; the rise of ChoiceLend – as well as some of the non-banks on our panel – therefore shows that not only is competition returning, that brokers are becoming more professional.”
