So, property prices are on the up and the banks are lending again. But are you sure you will make money?
While the lending environment is more generous than now, banks and brokers are being required to ask more questions than in the past; the answers to these questions may will have any impact how much and to whom they will lend money.
And because its still far from a free-for-all, while 2020 is predicted to be a bumper year, no experts predict double-digit growth in perpetuity.
Undoubtedly, brokers will thrive in this environment. But some will thrive more than others.
The stronger emphasis up Responsible Lending will increase the obligations placed upon brokers to assess their clients’ needs.
And these increased obligations are only going to get stronger; brokers are now required to act in their clients’ best interest – removing a potential conflict.
In this new environment, it is unlikely that part0time brokers will thrive.
Mortgage broking can be a highly rewarding career, professionally and financially. But it is the full-time professional broker who will be one of the major beneficiaries.