In the MFAA’s most recent statistics it is shown that Mortgage Advisers now bring in 49.9% of banks mortgage business. Just why is it that Advisers are bringing in almost half of the banks business?
Over the past 24 months the mortgage advice industry has taken a different turn and become more regulated. What does his mean? The advisers that were in it for the money (or cowboys) have been pushed out of the industry due to hardened compliance and strict responsible lending guidelines.
I believe this has created a better industry and the Mortgage Adviser of today is more professional and in it for the benefits as a whole (not just the monetary advantages). In turn consumers are becoming more comfortable with advisers to look after their financial circumstances as they are experienced, educated, professional and provide a highly option based search environment.
As we move forward it will be great to see mortgage advisers take more share of business they introduce to the banks, time will tell. But for now, have a chat with your mortgage adviser! If you’re direct with a bank, why not see what options are out there? With the system technology advances of today it is easy to refinance your home loan and why would you do all the searching when a professional can give you all the answer and guide you in the right direction.