Comment of the Week goes to...

by AB12 May 2014
A hot topic of last week centred on NMB managing director Gerald Foley’s predictions that brokers could see their market share swell to capture two thirds in the years ahead.

Broker commenters agreed with Foley’s sentiment.

Troy pointed out brokers in the USA captured 80% of the market pre-GFC. “Hopefully a batch of new young brokers will see it get to 60% over the next 5 years,” he said.

Clarke Kent said there is greater consumer acceptance of the value add the broker channel provides.

“But let’s not forget the Banks' are engaging people with no experience for the front line with limited knowledge and sales skills which does not help their cause.”

Some brokers thought the banks need to pick up their game in the way they treat brokers.

“The market is sick of home loan consultants employed by the banks who simply have no idea. Brokers care about their clients,” Country Broker said.

“Major banks need to take some training from the other lenders in how to service brokers,” said Coast Broker.

But Comment of the Week goes to Old Broker, who said:

“I predict as soon as brokers get access to technology to take clients out of the market we will get to 80%. The only thing stopping us is that I take 10 days and CBA can do it [in] 45 mins. Most borrowers I have spoken with over the years say that once they decide on the product and features they want the approval.”

Thanks to all our commenters this week, read the article and more comments here.