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Next Election or Your Attitude to Decide the Future of Property and Finance?

The forthcoming election, scheduled for July, will have a massive impact on mortgage broking.

Two issues, which are election battlegrounds, will have a direct impact on broking.

  • First, if elected, the Opposition will make significant changes to negative gearing

  • Also, the Opposition is proposing a Royal Commission into the banking sector.

It is highly likely that the Government will also make amendments in these policy areas (even if not as significant).

But, there are three months between now and the election. Does your mortgage broking business sit on its hands in the intervening period waiting for a momentous decision in Canberra?

Mortgage broking is a dynamic industry, which has successfully adapted to new paradigms. Recently it has come through the Global Financial Crisis, the introduction of the National Consumer Credit Protection Act and now changes to investor lending. Now, around 60 per cent of loans are written by brokers.

Change is the only constant in broking and change often provides new opportunities for brokers. In this edition of Accredited Broker Catherine Ryan of St George Commercial Broking writes about how brokers can spot opportunities to write commercial loans. As she points out, small businesses make up between 45 –47 per cent of the Australian workforce, yet only 12 per cent of them turn to brokers for debt advice.

Opportunities will remain for brokers no matter what happens at the federal election, he who hesitates….

 

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