MyState Bank has released its broker survey, revealing exactly what brokers think about the industry.
A full 70% of active mortgage brokers said that turnaround times were the biggest issue facing the channel in 2021, while the second largest concern was approval processes and credit policy procedures.
88% said that they were optimistic about the future of their businesses exiting the pandemic. Perhaps most tellingly given the unprecedented demand that has been seen in the last year, the least important issue for brokers was lead generation and acquiring new business.
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“Broker sentiment about the year ahead is overwhelmingly positive,” said Huw Bough, general manager banking at MyState Bank.
"As we approach the fourth quarter of the year brokers are looking forward to invigorated economic activity on the back of high vaccination levels and the re-opening of Sydney and Melbourne.”
“Government initiatives designed to support the economy throughout the pandemic have been welcomed by brokers, with more than half of those surveyed indicating that residential customers have been able to manage the effects of the most recent COVID-19 outbreaks.”
“Additionally, 48% of brokers note the financial outlook of their clients have improved since the beginning of the pandemic.”
MyState has made a big play for the broker channel of late, expanding from its Tasmanian base into New South Wales and Victoria. They have made several key hires in the last 6 months and only last week added new BDMs to appeal directly to brokers on the mainland.
“MyState Bank’s strategy is focused on growing our national footprint and being the broker’s bank of choice, and it is working. Brokers appreciate our human touch and responsiveness to their needs,” said Bough.
“In the last five years our loan book has grown by 43% and in the last financial year more than 80% of our home loans were facilitated by brokers.”