The Australian property market has been surging in leaps and bounds, with sales and dwelling commitments well up on last year. The favourable interest rates certainly have a part to play in it, as they’ve made home loans more affordable.
Consequently, the demand for brokers and financial advisors has been significant. In fact, the Mortgage and Finance Association of Australia found that more than 50 per cent of all home loan lending during the March 2015 quarter was done through a mortgage broker, the highest result ever recorded.
The traditional model of seeing a mortgage broker to get the best rates before being referred to an advisor to make an informed decision seem to be numbered, as more businesses embrace joint ventures.
“Many advice practices are now setting up new business structures and either employing brokers on salaries or both parties are taking a financial stake in a joint venture or partnership,” he said.
These developments could result in the number of loans taken out with a mortgage broker increase even further, as the all in one service makes life easier for potential clients.
“This approach means that internal referral processes can be properly integrated, and office and administration costs can be shared. Most importantly, it means the mortgage broker becomes an integral part of the business,”
Essentially, it’s all good news for both the mortgage broker business and financial advisers. Combining their services to form a joint venture has the potential to cut costs and increase their shared client base.
How do you become a mortgage broker?
If you would like to take advantage of the growing inclination for using a mortgage broker, you should become a mortgage broker. Want to know more about mortgage broker training? Get in touch with the team at Redrock today.