Brokers rule and lenders will soon be crawling back

The news that two-thirds of all mortgages now come via brokers will hopefully stop some of the negative comments that have been going round and also stop a lot of brokers from throwing in the towel.

Brokers have proven to be vital for clients in selecting the most appropriate deals, not just the cheapest headline rates.

This situation is likely to continue for a long time, with broker-introduced mortgages dominating the market.

Lenders know brokers offer them the best route to market and will come crawling back soon. Longer term, the dual pricing, non-advised ’sell at all costs’ direct attitude of banks may turn out to be a blessing in disguise.

When clients realise their bank did not provide the best deal they will be forced to seek advice from an independent broker, the only person able to give whole-of-market advice. Here’s to the future.