The results of the annual survey are here - and they reflect a shift in sentiment as the industry has faced into COVID-19
This year has been one like no other, so it’s no surprise that the results in this survey differ so much from last year’s. Broker priorities have changed drastically for starters. Turnaround times and interest rates remain in the top positions, albeit swapped around since last year, but BDM support in joint second place has jumped from bottom of the pile.
In 2019, BDM support scored 3.50, much lower than the score of the second lowest priority on the list. But this year, this support has been crucial. Brokers have needed BDMs to help them keep up with changing appetites and policies as interest rates have moved around and borrowers look for guidance in what has been a challenging year for everyone.
It is great news then that last year’s gold medallist in this category maintained its position. As brokers required this support even more, this non-bank was there.
In this survey, MPA asked brokers whether they had sent more loans to non-banks this year compared to the previous year. While 65% still said they had, this was a drop from 76% last year. The survey also asked brokers what the reasons were for picking a non-bank lender, and what were the barriers to using one.
As in the last two years, the 2020 survey also asked brokers to rate their top non-bank lenders in different sectors of the market, like specialist lending, first home buyers, SMSF loans and foreign non-residents. The results showed some changes to the ranking of the non-banks, which is unsurprising given the shifts in lender appetite that the industry has seen.
