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Around half of mortgage brokers think that the federal government can do more to support the mortgage and lending industry, according to the latest study by HashChing.
While majority of mortgage brokers seem optimistic about the announcements of the federal government to support the economy and the housing market during the 2020 Budget, 55% said the government had not done enough to support the broking and lending industry amid the pandemic.
Arun Maharaj, CEO of HashChing, said the past few months have been a turbulent time for brokers as they are forced to change the way of doing business.
"What we have seen during the past six months, however, is willingness from brokers to try new things and get up to speed on new ways of working. Many of the brokers on our platform have really embraced the shift to digital operations and remote working — to the point where they’re not just surviving, but thriving," he said.
Furthermore, some brokers were unsure whether the relaxed lending criteria would make any difference for mortgage brokers. The study found that only 63% of mortgage brokers think that the easing of lending rules will have a significant difference in the way they do things.
Maharaj said the relaxed lending landscape means brokers will be able to deliver faster approval times and make the process of home loan application more efficient.
"The fact that 18% of respondents were unsure, and a further 19% didn't think that the changes would have an impact, means that as an industry, we still have a way to go in educating brokers on these changes and how they will affect their day to day operations and dealings with consumers," he said.
Still, majority of the brokers at 85% think that the relaxed lending criteria will be good for the long-term health of the housing market.
The study also revealed the sentiments of mortgage brokers towards some of the support schemes for buyers. Two in three brokers think the HomeBuilder scheme is a crucial policy that will help the housing market significantly. More than half of brokers also think that the extension of the First Home Loan Deposit Scheme will be beneficial for the housing market.
"Certainly, the expanded First Home Loan Deposit Scheme was a fantastic step in the right direction and will go a long way in helping brokers to do more of what they’re good at," Maharaj said.
