The role of a finance broker has become more important than ever, indicating market share will continue to grow, the head of third-party relationships at Marketplace Finance says.
With borrowers increasingly using brokers to help them make informed decisions, the industry has the opportunity to provide a true financial hub for consumers, he says.
Dino Pacella (pictured above) is the founder of National Finance Brokers Day and head of third-party relationships at commercial finance platform Marketplace Finance.
As finance brokers already play a critical role in helping consumers navigate the financial landscape and achieve their goals, Pacella said he expected market share to grow over the period ahead.
According to research commissioned by MFAA, brokers facilitated 69.3% of residential home loans over the December 2022 quarter. With brokers capturing almost 70% of the residential market, Pacella said the lever was strongly fixed on brokers as the “channel of choice” for consumers.
“That’s why I predict that we will see mortgages hit another high towards the end of 2023, with approximately 75% of all mortgages in Australia to be written by brokers,” Pacella said. “Consumers seeking out brokers for commercial loans is likely to increase to around 40% market share.”
Full Article: https://www.mpamag.com/au/specialty/education/how-can-brokers-further-increase-market-share/439314