Nothing but good news for mortgage brokers

When it comes to pursuing a new career path, there are many things that’ll cross your mind. You might be pondering what kind of money you’ll be bringing in, how much business to expect and more. How relevant and important your role will be in the future could be something that forward-thinking job hunters will consider.

In this respect, the mortgage broker business continues to show that it’s not going anywhere, with findings reaffirming its crucial position in the real estate industry yet again.

A helping hand

A May 7 release by Genworth highlights just how valuable these professionals are to the real estate market, and Australians’ attitudes toward their services. Generally speaking, mortgage brokers aren’t exactly the type of people that are thought about on a regular basis, even when it might be time to require their services. For instance, they may not receive as much top of the mind attention as say, a real estate agent might. The report states that only 11 per cent of first home buyers (FHBs) initially planned to take out a loan through a broker.

But interestingly, the release found that come game day, 65 per cent of FHBs actually applied for financing through a mortgage broker. So while enlisting the help of one isn’t necessarily a high priority for first time buyers, attitudes changed when it was time to find the right loan. Perhaps they realised that taking out a mortgage wasn’t as straight forward as they’d thought or that there is a vast array of financial products out in the market place that requires a professional to help sort through. Either way, your skills will not be short in demand should you choose to become a mortgage broker.

A rising industry

A report by the Mortgage and Finance Association of Australia (MFAA) confirms this trend, showing that the mortgage broker market is in full bloom. Citing findings from comparator, a research group under CoreLogic, more than half of all new residential loans were taken through mortgage brokers over the September quarter.

“These results solidify the place of finance brokers in the Australian loan market,” said MFAA CEO Siobhan Hayden. Furthermore, the industry grew by a knockout $29.4 billion when comparing the 12 months to September 2015 to the same time a year ago. Clearly, the mortgage broker industry is moving from strength to strength.

With the Australian property market worth $6 trillion according to CoreLogic, this is unlikely to change anytime soon as buyers continue to reach for a slice of this rather large pie. Get in touch to see how you can begin your journey in this business.