Brokers Hit Bulls-Eye of Contentment

Australian mortgage brokers are generally satisfied with their existing mortgage group and working conditions, with only a relatively small number considering joining another network.

A new brandmanagement national study of mortgage brokers reveals only 4.2 per cent of brokers are actively seeking new employment.

43 per cent indicated that while they’re generally happy with their current mortgage group, they would like access to more services and support.

Meanwhile 28 per cent of respondent brokers were so happy where they are, they couldn’t imagine working anywhere else.

While responses are continuing to flow in and the information is still being collated, initial analysis suggests brokers, across the board, are largely satisfied with their current work arrangement.

In best describing their attitude towards working as a broker, 42 per cent believe having control of their business is the most important factor to them.

In responding to their current business needs and how life as a broker could be improved, more than 16 per cent of those surveyed believe increased consumer awareness would make a difference to the way they operate.

Following this were an increased number of staff and support services, improved profitability and more networking opportunities.

Any criticism of the mortgage industry stems from external influences outside their immediate control, with irresponsible broking practices (33.9 per cent), negative press/ publicity (21.7 per cent) and lack of regulation (12.6 per cent) the most threatening to them as brokers.

Respondents were also asked to nominate why they elect to broker with their chosen group, and responses ranged from quality of support and products, to commission structure, leads generated from advertising and personal circumstances.

Several brokers also indicated that through consolidation of the industry and various mergers and acquisitions, they’ve been forced to operate under a larger aggregator which they wouldn’t have ordinarily chosen.

What are your views on the mortgage broking industry?

For any brokers who are yet to participate and your chance to have a say in the outcomes of the research, please click on the link below to download the survey and go into the draw to WIN one of three bottles of Penfolds Grange, valued at $300.

http://www.coredata.com.au/phpsurveyor/index.php?sid=202&newtest=Y&cid=1

Alternatively, to download an overview of the research objectives, please click on the link at the right-hand side of this page.