Staying on the front foot with policy changes brings new leads
The lending challenges have been massive this year,” says Cameron Price, but that hasn’t slowed business for the Mortgage Choice franchise he and Stephen Zamykal run in the Melbourne CBD.
“We’ve felt the changes to lending in the inner city … and for overseas borrowers, shortfalls in valuations, constricting of lending policies, greater deposits required, self-employed assessments getting harder, lenders now taking into account debts in company names for an individual” – and the list goes on, he says.
To combat this, the brokerage introduced regular Tuesday morning lender catch-ups. A different lender or supplier will visit the brokerage every week to talk to brokers and support staff about overall industry trends, lender-specific changes, and to provide tips and tricks.
As a result, “we’ve been able to get on the front foot and not get caught out with any changes”, Price says.
For brokers like Price and his team, it just proves that, for those who are knowledgeable and keen enough, the tightening landscape actually presents some new opportunities. “Some find it too difficult and are giving up, but we’re getting a lot of clients who’ve been to see someone and they’ve been turned away.”