NAB Broker has encouraged mortgage brokers to view the ongoing pricing and policy changes in the market as an opportunity to strengthen their relationships with clients.
Steve Kane, general manager of NAB Broker, said brokers who can effectively communicate the meaning behind the recent changes in the mortgage market, including out-of-cycle rate movements, to their clients, will have a competitive advantage.
“It's a changing and dynamic market and I think as things settle down in the Sydney property market and the Melbourne property market cools and we don't have the irrational stuff that's been going on in the last 12-18 months, a lot of this will smooth out,” Mr Kane said. “But the reality is every time there's a change it's an opportunity for a broker to talk to their customer and they should take that opportunity and do it in a professional way that adds value to the customer.”
He added that brokers that can communicate these changes to their clients will find they have a "key point of difference".
Mr Kane said that educating consumers is a key part of a broker’s value proposition. As part of its ongoing support of the third-party channel, NAB Broker will continue conducting information sessions with brokers and industry bodies to promote transparency and provide a deeper understanding of the role brokers play in the market.
“We will be going and talking in the industry about consumers and working with the industry peak bodies to ensure that we focus on them,” he said.
“We will supply support to the industry peak bodies to run these types of information seminars, to get to the broader public, to get to the legislative piece, to get to the decision makers.”
Mr Kane said NAB Broker has restructured its business with a greater focus to improve not only settlement processes but its relationships and communication with brokers.
“Our view, in conjunction with our business partners, is always to continue to provide additional information to make it a more professional market to give brokers the opportunity to have quality conversations with their customers.”