The end of the year often brings complications for mortgage brokers. With clients distracted by holiday plans and businesses scaling back operations, completing deals before December’s end can be tricky.
According to ABS data, loan commitments dropped by 4.1% in December 2023, reflecting the seasonal slowdown.
However, brokers who plan ahead can turn these challenges into opportunities, according to Bluestone Home Loans. Proactive steps now can help brokers wrap up the year on a high note and lay the foundation for a profitable 2025.
With holiday commitments and annual leave, clients are less responsive during the festive season, making it difficult to gather documents and move applications forward.
Many real estate agencies, legal firms, and service providers operate on reduced hours or close entirely from mid-December, delaying settlements and appraisals.
With reduced staff, lenders often take longer to process applications, frustrating brokers trying to push through last-minute deals. Holiday promotions also shift buyers’ focus, causing a dip in loan applications.
As clients and brokers rush to finalise transactions before the holidays, the increased volume strains lenders and settlement agents, causing further delays.
Clients may feel overwhelmed by the number of decisions they need to make, leading to slower responses. Brokers, too, face workload pressures during this time, increasing the risk of bottlenecks.
Shifting market conditions – such as fluctuating interest rates or economic changes – can impact timelines, making it harder for brokers to align expectations and secure approvals for their clients.
Bluestone’s BDMs are ready to assist brokers through this hectic season, ensuring loan applications progress quickly and efficiently.
“Our BDMs work closely with brokers to keep things moving, even under tight deadlines,” the company said.
Bluestone provided several key solutions for brokers:
Brokers should gather documents and manage client expectations well in advance to minimize disruptions from holiday closures. Submitting applications early reduces the risk of being caught in December’s bottlenecks.
The year-end rush often involves less conventional loans. Bluestone’s tailored policies for credit-impaired clients, self-employed borrowers, and SMSF investors can help brokers close these challenging deals efficiently.
Working closely with Bluestone’s BDMs ensures brokers have the support they need to finalize transactions smoothly. A trusted partner can make all the difference in meeting deadlines and growing your loan book during the busy period.
With the year-end approaching fast, brokers who act now can avoid unnecessary stress.
“Preparing your clients’ loan applications early not only gives peace of mind but also positions you for a strong start in 2025,” Bluestone said.
By leveraging flexible loan solutions and working closely with BDMs, brokers can turn year-end challenges into growth opportunities.
To read the Bluestone article in full, click here.
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