Representatives from banks in Indonesia have been visiting Australia this week to learn more about the mortgage market.
The study tour saw Loan Market Australia hosting Loan Market Indonesia, plus members of Indonesia’s four biggest state banks and its largest private bank.
Indonesia has typically not had mortgage brokers, but Loan Market Indonesia is just starting to introduce them.
During the visit to Sydney, the group discussed the broker market with Loan Market Australia’s Sam White and also met with Pepper Money to find out more about non-conforming lending in Australia.
The group’s next stop is Melbourne to meet with NAB and property developers to find out more about the lending market.
Discussing the study tour and areas the group have been interested to learn so far, CEO of Loan Market Indonesia, Sari Dewi, said it had been “wonderful”.
She added, “I think we have learned a lot. We learned about regulation, how they regulate here, I understand that much better. So that’s been really good and I understand the banking system here much better.”
Normally, the group does seminars to help them learn about different markets, but this year they thought a study trip would help, particularly as they learn to work with mortgage brokers.
Comparing Australia and Indonesia, Dewi said, “I think we are a bit, we still need to catch up. Like here it’s very consumer-based, while we are not there yet.
“You really look after your consumer like with the Consumer Act. The consumer is much more well looked after and there’s a main standard, where we are just planning to do it. Also, you have much better data, you have a developer country. Indonesia, our data is not that good.”