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Broker tips market share to surge

by Francesca Krakue4 minute read

One of the industry’s top loan writers says brokers’ ownership of the market is likely to burgeon in the next 12 months, as more customers turn to the third-party channel.

Speaking to The Adviser, George Samios of MADD Home Loans said he predicts that brokers’ market share is likely to reach approximately 63 per cent over the next 12 months.

“I think it’s going to continue growing as more and more people like myself are advertising what we do and educating Australians that mortgage brokers are a good thing,” he said. “More and more people will start to use brokers.”

Mr Samios emphasised that to galvanise this increase, it is imperative that brokers continue to educate customers about what they do.

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“Overseas they do it really well, for example in America and England. We’ve just got to emulate that and make sure we invest in the industry,” he said.

Indeed, Aussie general manager of people and culture Lynda Harris has emphasised to The Adviser that mortgage broking is “continuing to go from strength to strength” due to an increasingly complex mortgage environment.

“With complexity comes an increasing demand for experts, which is growing the popularity of the profession. As experts in their field, brokers offer customers welcome guidance through what could be a confusing process,” Ms Harris explained.

The comments follow on from recent research by Property Investment Professionals of Australia, which revealed that mortgage brokers are “highly valued”, particularly by Australian property investors, with the majority securing their last loan through a broker and many planning to in the future.

PIPA chair Ben Kingsley echoed the sentiments of Aussie’s Ms Harris in saying that brokers continue to play a “key role as providers of finance to investors” in the current complex borrowing environment.

[Related: Brokers 'most important source of finance' for investors

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