Brokers to have banner year despite slow credit growth

by Adam Smith13 Mar 2013

Despite the slow growth of housing credit, one industry group is predicting a banner year for brokers.

Following a report from Deloitte suggesting lending growth through 2013 will top out at around 5%, the MFAA has said its own internal polling shows that brokers will nab a larger share of the market. MFAA CEO Phil Naylor told Australian Broker that the third-party channel was set to grow faster than the overall lending finance market.

“All evidence we’re getting from our discussions with brokers and some of our own surveying shows that consumers are becoming more attracted by and are looking for the value proposition offered by brokers. That’s not just offering a transaction, but advising about consumer credit needs," he said.

It's because of this surveying that Naylor says the MFAA will change its accreditation title to "Credit Advisor".

He said brokers set to see a windfall from increased market share need to prepare themselves to live up to this title.

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