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The Australian Mortgage Broker Survey 2011

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The Australian Mortgage Broker Survey 2011

Description:    The mortgage broker channel has assumed an pivotal role in the distribution of residential
                mortgages in Australia. However, pressure on broker commissions has led to serious concern
                among industry participants. This report looks at how the mortgage broker channel is changing and
                focuses on issues and challenges faced by brokers.

                Features and benefits

                -   Track important broker metrics such as loan size, refinancing proportion and product set.
                -   Understand the impact of commission cuts on the mortgage broker channel.
                -   Learn the optimal structure of commissions to maximize broker satisfaction.
                -   Perfect your strategy with The analysis, recommendations and forecasts.
                -   Learn about mortgage broker outlook, market predictions, concerns and attitudes.

                Highlights

                - As consolidation occurs within the mortgage broker industry – and companies consequently
                become bigger – players can more easily offer a large panel of lenders. From a mortgage lender's
                point of view, the closer they can tie their systems to large broker companies, the easier and
                quicker approval processes can become.
                - Given the drastic commission cuts experienced in 2008, it is not surprising that broker satisfaction
                with commission levels fell between 2007 and 2009. In 2007, 63% of brokers were very or quite
                satisfied, a proportion which had fallen to 21% by 2009. Over the same period, the very or quite
                dissatisfied proportion rose from 13% to 46% of brokers.
                - When asked to name the most important area for lenders to improve, 30% of brokers mentioned
                loan approval and turnaround times. Since long loan approval times can cost sales – and since
                there are no commissions to be made from a customer whose business has been lost – keeping
                loan approval times low is vital to mortgage brokers.

                Your key questions answered

                -   How many lenders to brokers commonly use on average?
                -   What are the major areas of improvement brokers see in their lenders?
                -   What is the most highly regarded lender according to mortgage brokers?
                -   What are the key trends affecting the mortgage broker industry?
                -   How can lenders optimize their relationship with the mortgage broker channel?



Contents:       Executive Summary
                  Higher loan sizes have increased broker revenues
                    The majority of brokers use six lenders
                    The average broker loan size has increased significantly over the last five years
                    A majority of brokers had higher revenues in 2010 than in
                    Refinancing as a proportion of broker business has picked up somewhat
                  Commissions have remained stable since the cuts in
                    The major banks reduced commission levels in mid-
                    The most common average upfront commission is between 50 to 54 basis points
                    The most common average trail commission is between 15 to 19 basis points
                    Brokers have become more polarized regarding the structure of their commission schemes
                    Broker satisfaction with commission levels has dropped sharply since
                    ANZ is regarded as having the best commission scheme, and CBA as having the worst
                    Commission scheme satisfaction and market share go hand in hand
                  ANZ has become the most commonly used and highly regarded lender
                    ANZ has become the most commonly used main lender
                    ANZ is regarded as the best lender by mortgage brokers
                    ANZ has leapfrogged the competition in the last few years when it comes to broker satisfaction
     Brokers are the least satisfied with loan approval criteria, turnaround times, and commissions
     Brokers see turnaround times as the most important area for lenders to improve
  Brokers are cautiously optimistic, but commissions remain a concern
     Most brokers expect commissions to remain stable in
     Most brokers expect business to improve in
     Although broker confidence has edged up since 2009, it is still a far cry from its heyday
     Reduced commissions represent the greatest concern for mortgage brokers
     Increased regulations have recently caused greater concern
     Brokers believe the industry will consolidate and that lenders lack competition
OVERVIEW
  Catalyst
  Summary
HIGHER LOAN SIZES HAVE INCREASED BROKER REVENUES
  Most brokers offer a range of mortgage products from several lenders
     Most brokers offer mortgage packages
     The majority of brokers use six lenders
  The average broker loan size has increased over the last five years
     The most common average loan size is now between $400,000 and $499,
     The average broker loan size has increased significantly over the last five years
  Most brokers saw increased revenues in
     A majority of brokers had higher revenues in 2010 than in
     Broker business performance in 2010 sped up compared to
     Refinancing as a proportion of broker business has picked up somewhat
COMMISSIONS HAVE REMAINED STABLE SINCE THE CUTS IN
  Commission levels fell sharply in 2008 but have recently stabilized
     The major banks reduced commission levels in mid-
     The most common average upfront commission is between 50 to 54 basis points
     Upfront commissions have been relatively stable since
     The most common average trail commission is between 15 to 19 basis points
     Trail commissions have dropped over the last five years
     Brokers have become more polarized regarding the structure of their commission schemes
  Broker satisfaction with commission levels has plummeted
     Broker satisfaction with commission levels has dropped sharply since
     ANZ is regarded as having the best commission scheme, and CBA as having the worst
     Commission scheme satisfaction and market share go hand in hand
ANZ HAS BECOME THE MOST COMMONLY USED AND HIGHLY REGARDED LENDER
  The major banks have a dominant share of broker business
     ANZ has become the most commonly used main lender
     Mortgage brokers preference for lenders has shifted over the last few years
  Bank rankings have completely changed in the last few years
     ANZ is regarded as the best lender by mortgage brokers
     ANZ has leapfrogged the competition in the last few years when it comes to broker satisfaction
  Turnaround times remain the most important area of improvement for lenders
     Brokers are the least satisfied with loan approval criteria, turnaround times, and commissions
     Brokers see turnaround times as the most important area for lenders to improve
     Brokers see higher LVR options as the most important feature for their clients
BROKERS ARE CAUTIOUSLY OPTIMISTIC, BUT COMMISSIONS REMAIN A CONCERN
  Brokers are optimistic revenues will increase in
     Most brokers expect commissions to remain stable in
     Most brokers expect business to improve in
     Although broker confidence has edged up since 2009, it is still a far cry from its heyday
  Commission cuts and increased regulatory requirements concern brokers
     Reduced commissions are the number one worry for mortgage brokers
     Increased regulations have recently caused greater concern
     Brokers believe the industry will consolidate, that lenders lack competition, and that fixed rates
will remain unpopular
APPENDIX
  Data tables
  Methodology
  Further reading
  Ask the analyst
  Datamonitor consulting
  Disclaimer
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