Martin Ireland, of Resolve Finance, has a friend to thank for him discovering a passion for mortgage broking. Here’s what he thinks of the challenges brokers are facing and what he’d say if he had the ear of one of the major banks’ CEOs
Q: Who or what inspired you to become a broker?
A: When I moved to Australia 11 years ago, a very good friend of mine was already a broker. He spoke highly and passionately about the industry, the opportunities and the flexibility it could provide. I’d always had an interest in finance and it seemed the right fit for my personality, so I decided to give it a go and he took me under his wing. I have always enjoyed helping people reach their goals; it’s very satisfying to build such long-lasting relationships.
Q: What are some of the challenges you’re facing right now as a broker?
A: To mention a few: the pressure from APRA on the banks means constant changes to policies, servicing and rates. Big shifts in the investment space, including changes to the maximum term for interest-only loans and maximum LVRs for investment loans, are creating a bit of a minefield. The different rates for interest-only loans over P&I loans are also challenging to navigate. Specific to the WA market is tighter loan serviceability, making it harder for clients to borrow, and the general lack of consumer confidence. The property market in WA is low and rates are low, but customers are still quite reluctant to commit to buying or building.
Q: If you could sit down for a coffee with any one of the major banks’ CEOs, what would you talk to them about?
A: I would discuss why banks are making uniform changes across the country rather than making changes that are potentially only needed in certain markets. We would love for them to consider different LVRs/lending policies based on the market segments rather than just a one-policy-fits-all. I’d also be keen to get their predictions and insights on both interest rates and the property market, and find out whether they believe the recent changes in the investment lending space will be permanent.
Q: What’s something that you’re looking forward to over the coming months?
A: We have a networking day with our aggregator coming up shortly – they are always fun. It’s good to get out of the office and mix with other brokers, BDMs and chat about the industry. I also have a couple of PD days ahead, which are great to attend. And I have two young kids so I’m very much looking forward to some quality holiday time with them.
