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Flood devastation hits 1 in 4 brokers

Staff Reporter 4 minute read

Jessica Darnbrough

More than one quarter of broker businesses have been negatively impacted by the floods.

According to The Adviser’s latest weekly straw poll, 28.1 per cent of the 281 respondents said the flood devastation had adversely affected their business.

First Choice Mortgage Solutions Steve Andrews is one broker that has been directly impacted by the disaster.

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Speaking to The Adviser, Mr Andrews said his Ipswich office had been totally submerged in the floods.

“Luckily, I was able to get my files out just before the water came but all the furniture and building was completely flooded,” he said.

And Mr Andrews is not alone.

While some brokers have been directly impacted by the floods, others have suffered indirectly.

According to AFG’s Mortgage Index, released yesterday, the Queensland floods have dealt a significant blow to both the local property market and brokers.

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Just $1.3 billion worth of mortgages were processed last month by the aggregator’s broker partners – 40 per cent below the monthly figure recorded during 2010.

Queensland was the worst affected state, with only around half (48.9 per cent) the number of mortgages that were processed in December.

Flood devastation hits 1 in 4 brokers
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