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The Mortgage Advice Bureau (MAB Australia) has rolled out two technologies aimed at helping its broker network and their clients more easily navigate the changing landscape of the property market.
MAB Australia recently launched MABrefer, a lead management tool that helps mortgage brokers better work with potential clients on new home construction.
"In Australia, brokers typically favour existing properties or off-the-plan purchases that don’t involve working with a builder, but with the right tools and support there’s plenty of opportunities available," said Darren Cantor, MAB Australia CEO.
This is a crucial step given the recent boom in new building approvals. In fact, the latest figures from ABS showed that approvals for houses, excluding units, went up by 6.1%. The spike in demand for new homes can be attributed to the strong take-up of government incentives like the HomeBuilder grant.
"We see this trend continuing throughout 2021 and supported by a range of government incentives designed to promote new home construction," Cantor said.
These government incentives have driven activity among first home buyers, a subset of the market which has "been out in full force" despite the COVID-19 pandemic, according to Cantor.
The CEO highlighted the opportunity the current climate provides for brokers to help more first-time buyers break into the market.
As such, the group has also launched MABSavers, a mobile application which allows brokers to assist first-home buyers with their finances both before buying a home and while paying their mortgage repayments.
"MABSavers has become a critical lead management tool for our brokers, enabling them to build a pipeline of future mortgage clients while promoting healthy financial behaviours and increasing financial literacy," Cantor said.
"Our multi-channel approach to mortgage broking is aligned to the way customers want to research their home ownership options, engage with a broker and transact. Some customers may enjoy meeting a broker face-to-face. Other may be happy to work with them over the phone or digitally.
"Few brokers have the infrastructure to allow customers to use whichever channel they prefer, at any stage in the process. That’s what MAB has brought to the Australian market: a mortgage broking model that puts the customer first.”
