FAST CEO, Brendan Wright, says the past 12 months have been a challenging time for brokers, with many realising they’ll need to diversify their business proposition if they want to survive.
A recent survey conducted by the aggregator found 89% of broker respondents say they’re prioritising growing their business outside of residential home loans over the next year, branching out into either commercial lending, asset finance, or both.
“It’s been a challenging time for the broader economy with uncertainty and instability in the business environment. There’s still that element of uncertainty and ‘what does the future hold?’ That plays on the brokers’ minds – they’re looking for support and insight.”
One positive sign to come out of the survey included the fact that, of the brokers who had already diversified into the above channels, 75% report seeing an increase in their business growth as a result.
For its part, Wright says FAST plans to focus in 2014 on how brokers can evolve and adapt in a ‘constantly changing’ environment.
“We’ve refreshed our brand presence in the market over the last 12 to 13 months and it’s continuing to build on that momentum. In an environment where there’s a bit of ambiguity and constant change, we’re keen to – and have, over the last 12 months – continue our support our brokers and offer them opportunities to adapt and grow their businesses.”
The survey also uncovered some interesting insights into the state of the market, with 79% of brokers stating they did not believe Australia was in a housing bubble, while 95% indicated they had seen some activity from SMSFs in the residential property space.