As 2024 comes to a close, Connective’s Mark Haron (pictured above) reflects on a year defined by resilience, growth, and evolving client expectations.
With $115 billion in loan applications year-to-date and a record $13 billion in October alone, Haron emphasises the importance of brokers carrying forward lessons from a complex lending environment.
“2024 has been a year of resilience and strategic growth for brokers,” Haron said, highlighting Connective’s commitment to supporting brokers with education and innovative platforms like Mercury Nexus.
Haron anticipates three key trends that will define the broking landscape in the coming year.
The Connective leader predicted significant borrower activity by the second quarter of 2025 as interest rates are expected to drop.
“The biggest question is not ‘if’ rates will drop but ‘when’ and by how much,” he said.
Proactive client engagement will be crucial as borrowers evaluate refinancing opportunities and bank rate cuts.
With major banks tightening lending criteria, brokers have a chance to explore alternative funding solutions.
“We’ve seen unprecedented 15.5% year-on-year growth in commercial settlements, proving the value brokers bring in this space,” Haron said.
A recent poll showed that while 44% of brokers already use private lenders, another 45% are considering doing so, signaling opportunities in debt consolidation and non-standard lending.
Haron stressed the importance of leveraging technology to meet rising client expectations.
“Platforms like Mercury Nexus will continue to play a pivotal role, offering tools such as real-time calculators, automated portals, and AI-driven insights,” he said.
Brokers who adopt these tools will gain a competitive edge in an increasingly digitised market.
Reflecting on 2024, Haron highlighted that the most successful brokers prioritised consistent client engagement and embraced innovation.
“Brokers using tools like our Digital Marketing Hub saw 40% higher settlement volumes,” he said, reinforcing the importance of visibility and communication in driving success.
Haron’s guidance for brokers is clear: adapt, innovate, and stay proactive.
“Expertise and adaptability will define success in 2025,” he said.
Whether navigating rate cuts, exploring non-prime lending opportunities, or simplifying processes with advanced technology, brokers who embrace change will thrive.
“By leveraging technology and maintaining strong client relationships, brokers can position themselves as indispensable advisors, standing out in a competitive market,” Haron said.
Get the hottest and freshest mortgage news delivered right into your inbox. Subscribe now to our FREE daily newsletter.
