Comment of the Week goes to…

by 10 Jan 2014
 At Australian Broker, we love a bit of healthy discussion, which is why we honour our favourite comment each week with a lofty little title. Drum roll please...

The big four's segmentation of brokers based on volume is no secret in the industry, but it is an issue that many brokers feel strongly about, as was revealed when the topic was raised by 1st Street's Jeremy Fisher and PFS Financial Services' Daniel O'Brien earlier this week.

Brad Quilty, director of AMA Best New Brokerage 2013 Tungsten Home Loans weighed in on the debate with a thoughtful response based on his own experience.

"I don't overly agree with that," said Quilty of the issues raised in the article. "Good service doesn't mean same day approvals, it means getting the right loan for the client first time. So being a diamond/flame/preferred broker doesn't make you a good broker. It's about looking after the client. As far as new entrants into the industry then it doesn't matter if they get an approval in 1 or 7 days as they can still make their mark by their reputation, which always takes time. I'm relatively new to the industry, with no banking experience, and I think it is a positive that I had to prove myself over time. It meant that I had learned my craft rather than just submitting loans for fast approvals to my favourite lender. I don't think segmentation by the lenders effects a good broker getting the right deal done and isn't a hindrance to building a strong referral based business."

Thanks to everyone who contributed comments over the last seven days and keep an eye out next Friday to see if you're the author of Australian Broker's next top 'Comment of the Week'!