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