The property and finance industry is on the starter’s block but is unsure what the next race will be. Certainly we are looking at profound changes.
A May election could see a change of power in Canberra with a Labor Government poised to remove negative gearing for established properties.
While the majority of commentators are bearish about this policy’s impact on property prices, there is also conjecture that it will encourage high income earners to invest in new property.
But the banks are also key drivers of the property market, with many economists predicting rate drops as the economy cools.
And, post Royal Commission, the banks are indicating they will more generous in their lending policies.
But the days of easy money are long gone. Mortgage brokers remain very much in the spotlight, with debate on the future of trail commission heavily discussed within the nation’s capital.
If brokers are to retain the confidence of key decision makers, professional standards need to continue to rise.
NAB has announced the closure of its dodgy referrers’ programme which saw non-qualified people paid simply for giving the bank details of someone wanting a loan.
And, anecdotally, Accredited Broker can confirm that aggregators are requiring brokers to have a Diploma.
Get ready for change, whatever it looks like.