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Jessica Darnbrough
Australia’s second tier lenders should consider joint advertising if they want to increase their competitive position in the marketplace, one industry stakeholder has claimed.
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National Mortgage Brokers managing director Gerald Foley said Australia’s second tier lenders should find ways to work together to make the broker experience a better and easier one.
“Maybe consider some joint advertising and agree standards around accreditation processes, loan application forms and supporting documentation requirements. Start with some small steps on a long journey back to a truly competitive market,” Mr Foley said.
According to Mr Foley, brokers understand the need to support Australia’s second tier lenders.
However, when the majors are offering very sharp rates and lower establishment costs, it is not a broker’s or their customer’s role to “make a statement” against market domination to their own immediate, financial detriment.
“The independent, second tier banks have to get better at providing competitive product, delivering consistent service and making the whole lending experience smoother for brokers and their clients than they do at the moment,” he said.
