Industry associations and leading aggregator groups have joined forces to conduct research that supports the positive impact that the broker channel delivers for consumers. The industry is undergoing change in response to a series of government reviews, including the Financial System Inquiry and the ASIC Review of mortgage broker remuneration. Whilst the ASIC Review recognises the important role mortgage brokers play in the mortgage market, there is a need for a strong evidence base to fully understand the contribution of the industry to the economy.
The aim of the project is to create a snapshot of the driving factors that have led to the continuing growth in the number of consumers using a finance broker and its contribution to the Australian economy.
“The importance of this project is reflected in the fact that both mortgage industry associations and a group of aggregators have worked closely together to address these views with fresh research,” said Joe Sirianni, Chairman of the Project Steering Committee and Director of Smartline Home Loans.
“The survey is being coordinated by the Mortgage Broking Industry Group (MBIG) and has commissioned Deloitte Access Economics to conduct the research so that all findings are independently evaluated. We, as an industry, can see the positive impact that brokers are delivering for consumers. This investment will allow us to present all interested parties with reliable data supporting the value of the mortgage broking industry,” he said.
To ensure that the research has widespread collaboration, the MBIG is calling on brokers, broker businesses and aggregators to provide feedback through an online survey. The findings from this industry survey, combined with ongoing consumer research, is expected to deliver a solid base of valuable data.
“We have identified that there is a need for up-to-date evidence explaining the growth in the use of brokers. The industry can support the impending report by taking the time to fill out the survey and adding value to this important initiative nationally.”
“Brokers often ask how they can do more to support the industry, so the MBIG hopes brokers will give the time to assist in this important report. The survey will be distributed to the industry through the MFAA, FBAA and aggregators. It will remain open until close of business, December 3rd”, Mr Sirianni stated.
The Mortgage Broking Industry Group consists of representatives of AFG, Astute, Aussie, Choice, Connective, FAST, FBAA, Loan Market, MFAA, Mortgage Choice, NMB, PLAN and Smartline.