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An award-winning regional broker has discussed the difficulties presented by lenders’ changing appetites and regulatory flux in the industry.
Speaking to The Adviser, regional broker Brenden Lowbridge of Investor Loans Network NSW has said that, while things are going well for his business, it’s been “tough” from the perspective of regulatory change and adjustments in lenders’ appetite.
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“[We have] a moving target in terms of regulation, servicing calculators and policies. LVRs are up and then down the next week, and then up again,” he said. “I think we had one lender change their LVRs three or four times in a matter of I think it was probably only six months.”
“Given all these challenges, we seem to be doing probably more hours it feels, for the same result. So, it’s definitely been interesting times.”
However, while challenging, Mr Lowbridge pointed out that the changes have also been making his role dynamic and interesting.
“It's definitely a good challenge, and it's an opportunity because I think that the days where you could just keep walking back into your bank and keep getting money, I think that those days are gone.”
The Beresfield-based broker explained that being part of a larger network and connecting with a wider group of brokers has helped him to navigate some of the difficulties presented by the changeable regulatory environment.
"One of the advantages of being part of a bigger group is that we effectively have a high volume of submissions and settlements happening every month so we get a very good overall appetite," Mr Lowbridge said.
"I think that we've probably been fortunate that we're doing a large level of transactions, otherwise I think it would be very, very hard to continue to keep yourself updated.
"I've also got a good relationship with my competitors... there's such an abundance of business for all of us, and I think because we've got that mindset, we share everything that we know. I can catch up with other brokers at any given time and work through an issue or get their advice, and I offer that back, and that's been a really big advantage."
Mr Lowbridge has featured in The Adviser’s Young Broker of the Year and recently won Best Regional Broker at the 2017 Better Business Awards in NSW.
[Related: Brokers urged to think beyond the big four as appetite turns]
