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ISCOVER
Jessica Darnbrough
Increased competition between lenders is increasing borrower confusion, creating excellent business opportunities for brokers.
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In the last few weeks, Australia’s lenders have slashed rates, increased maximum LVRs and, in many cases, abolished exit fees.
ING DIRECT, Westpac and ANZ all slashed their fixed rates, while the Commonwealth Bank of Australia abolished its exit fees for new customers and NAB launched an aggressive switching campaign.
Choice Aggregation Services chief executive Stephen Moore said constant changes in policy and pricing by Australia’s lenders had understandably confused borrowers.
Mr Moore said savvy brokers would capitalise on this confusion, using it to build their market share and grow their business.
“There is lots of noise in the market place around fees getting waived and special deals. The sentiment that we are getting is that consumers know there are opportunities out there, but they are incredibly confused as to which is the best deal for them,” Mr Moore told The Adviser.
“Consumers don’t know where to go, they don’t know what is the right deal for them. This is where brokers come in. We think it is a great opportunity for brokers to not only cement their position with existing customers but also provide refinance opportunities for new customers as well.”
