Loan Market’s Queensland director believes Australian mortgage brokers must follow global trends in order to meet the increasing expectations of customers.
Peter Camphin travelled to the UK after joining Loan Market a year ago to spend time with like-minded companies and saw some major differences between the two markets.
“In the UK I saw an industry that understands the customers’ expectations are rising, and they’ve responded to it,” he said.
“I met with real estate businesses where 40 per cent of all sales are financed through their mortgage broking arm. They’ve broken down the barrier between sales agents and mortgage brokers and have them working together for the customer.
“It’s time for our industries to heed the lessons of abroad.”
Mr Camphin said brokers must respond to the new type of customer that’s emerging, and can only do it through stronger relationships with real estate agents.
“We’re at a point where it’s not enough to sell a property or a home loan and move on to the next transaction. Our customers are expecting more from us – they’re looking for a higher level of competency and a more sophisticated operation,” he said.
“We can deliver that to our clients if we simply work together. It’s about taking control of the sale and creating buyers who have the capacity to perform on the contract.
“My question to agents is: if you don’t work with a mortgage broker, how can you be really sure of what’s happening with your buyers’ finance? And for brokers, it’s a realisation of the opportunity to work alongside great operators, and learning to seize that opportunity.”
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