Privacy law changes create new role for brokers

by Mackenzie McCarty13 Dec 2012

Banks will soon be able to access more information on clients’ credit records, thanks to recent changes to the Privacy Act – and this is good news for the mortgage broking industry, say two brokers in this week’s edition of Australian Broker TV.

David White from Australian First Mortgage says the new privacy law changes will benefit lenders and brokers, for a number of reasons, as lenders are able to make more thorough credit risk assessments

“The changes will actually make our credit decisions a bit more reliable…We don’t have to rely just on the customer’s memory.”

Loan Market’s Sam White agrees, adding that good brokers will likely see the advantage in taking on the role of “educator” when it comes to clients’ on-going credit history.

“We’ll see a polarisation in the market place – brokers will need to add more value to clients.”

To view the full video interview on Australian Broker TV, please select the following link: http://bit.ly/RpOiOr

 

COMMENTS

  • by Maria Rigoni 13/12/2012 9:49:47 AM

    The truth is this law has been changed due to lobbing by those that provide credit to make their decision making a lot easier and to restrict people from changing providers.
    The unfortunate thing is that most Australians do not have a clue of the consequences of how this effects them in the now and in the future.