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Three out of five brokers are not accredited with all five major banks, a new poll has revealed - with industry figures concerned that volume requirements remain the biggest hurdle to broker accreditation.
According to The Adviser’s latest straw poll, of 479 brokers, 43.4 per cent of brokers said they do not hold accreditation with all five major lenders.
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Connective principal Mark Haron said the results were not surprising given the volume requirements of some of the major lenders.
“NAB have their star accreditation process that some brokers don’t qualify for and so can’t be accredited; CBA have their number of deals per six months that they require; and likewise Westpac.
“Given those volume hurdles, it’s not surprising that brokers may be missing one of the majors.”
Volume requirements are the most significant factor preventing brokers from being accredited with the majors and can lead to a conflict of interest, Northern Rivers Mortgage Solutions director Bob Campbell said.
As a broker who is not accredited with all the majors, Mr Campbell said the client’s best interest must come first.
“You might be putting someone into a loan which might not be the absolute best for them, but if you need to get that one loan over the line to keep your accreditation then some brokers might go that way. I’ve let accreditations go based on that,” he said.
“At the end of the day, we’ve got to look after the client’s needs, not the bank’s needs.”
