Despite the significant impact the COVID-19 pandemic has had and will continue to have on the mortgage broking industry, many brokers remain generally optimistic about the future, according to a survey conducted by HashChing.
The study looked to illuminate the state of mortgage broker sentiment regarding government subsidy programs, as well as how brokers expect the property market to respond to current events.
“Brokers have been forced to adapt how they interact with customers, and there’s no doubt that challenges have come with having to transition to a fully digital operation,” said HashChing CEO Arun Maharaj.
“But we’re seeing brokers pivot strategies and take advantage of new digital tools and technologies; 91% of respondents in our latest survey said that digital mortgage provisions enacted during lockdown –allowing the witnessing of documents to happen via video call, electronic signing of deeds, etc – should be made permanent.”
Surprisingly, over half of those surveyed (57%) went so far as to express hope the pandemic could ultimately benefit their business.
“I’m pleased to see many brokers are doing their due diligence in getting comfortable and efficient with working and communicating with customers remotely,” said Maharaj.
“In fact, the majority of respondents said they believed the coronavirus lockdown disruption will have a net positive impact long-term for their business.
“During these difficult times, it’s of course important to be realistic and take the time to review current processes, but having an optimistic attitude goes a long way," he added.
However, respondents tempered their upbeat attitudes with concern around the property market, with 60% worrying it will be severely impacted as government support programs begin to be phased out.
“While we don’t yet know exactly what impact the global pandemic will have on our economy, it’s been very severe already. Many are predicting it will get much worse before it gets better,” said Maharaj.
“It’s therefore not surprising that none of our respondents think now is a good time for property investors to be buying more property, while 81% of respondents think that now is a better time for first home buyers.”
