5 ways to stand out as a mortgage broker

December 7, 2022

In 2022, more Australians are looking to mortgage brokers to help them secure a home loan. Take this stat: in the first three months of 2020 mortgage broker market share was at 52.1%. Fast forward to 2022, and it’s leapt to 69.5% (according to research commission by MFAA). 

Why? Well, between rising interest rates and increases in the cost of living, Aussie homeowners want to make sure they’re getting the best deal. 

As a broker, this increase in demand is a great sign for your business. But in order to maximise this opportunity, you need to know how to stand out and stay competitive.

Your customers want their interactions with you to be easy, efficient and stress-free. To stand out, you need to have a breadth of loan options that meets the needs of modern borrowers and back that up with a customer experience that’s smart, streamlined and paperless. 

Ready to learn how you can stand out from the crowd? Let’s run through five ways you can gain a competitive edge as a mortgage broker and why working with specialised, non-bank lenders is key to your success. 

1. Offer a broad range of loan products

When people think about home loans, they typically think about a standard 30-year mortgage. But, a traditional loan might not be the best option out there for your client's individual needs. 

As a mortgage broker, it’s important to be able to offer niche, specialised loan types to your customers that account for their personal circumstances. Short-term property loans (like Bridgit’s bridging loan) might be a better fit for your client. 

Whether they want to renovate their home prior to selling or if they’ve purchased their new dream home but haven’t sold their current property, having a broad range of loan options up your sleeve will help you cherrypick the right loan type for whatever life stage they’re at.

2. Work with specialised lenders

Big banks and traditional lenders are an important part of your offering as a broker. But, you also need to make sure you’ve got a range of reliable niche lenders on hand who know their specialised products inside and out.

Unfortunately, accessing specialised loan types (like bridging loans) from big banks can be slow and clunky. On the flip side, working with a non-bank lender who specialises in this exact loan type means you’ll have a dedicated expert on-hand to help you and your clients navigate through the application process with ease. 

Plus, non-bank lenders are rising in popularity among Aussie homeowners (and with good reasons): 

  • Self-employed friendly: many traditional banks make it hard for self-employed folk to access loans, which can get pretty frustrating considering over 10% of Australians are self-employed. But non-bank lenders have the tools and flexible lending criteria in place to offer loans to all types of Australians (not just those on a traditional PAYG salary).  

  • Smoother customer experience: with a busy schedule, Aussie borrowers don’t want to spend their time off travelling to bank branches or waiting on hold for hours. Forward-thinking specialised lenders use the power of technology to offer an accessible, digital application approach to speed up the process. 

3. Deliver fast response times to your clients

As a broker, you want to do everything you can to help your clients secure their dream homes. It’s no surprise that brokers (like you) are 50% more likely to work with lenders that offer a reduced ‘time to yes for their clients

That’s why it’s crucial to ensure you’re aligning yourself with lenders that prioritise fast, efficient turnaround times throughout the loan application process.

With digital lenders (like Bridgit), you can offer clients speedy approval times so they’re not missing out on the best opportunities and aren’t getting left behind in a competitive property market. 

Take this example: we offer 24-hour loan approvals on our bridging loans to get your clients moving sooner. Not only does this give you the edge but it allows your clients to act fast, make offers with confidence and save on the costs of double mortgages.

4. Find lenders that offer a digital, tech-driven experience

Customers are searching for and expecting a smooth, digital experience when buying a property. Brokers that stand out from the crowd are those that provide their customers with access to lenders that offer a digital, tech-driven experience. 

With a digital application process, you can eliminate hefty paperwork and manual admin that slows your clients down. Instead, you make everyone's life easier with digital signature tools and online identity verification (backed by the highest bank-grade security for added peace of mind). 

Here at Bridgit, we take things one step further with our Broker Portal. Our purpose-built portal is packed with expert resources and interactive serviceability calculators to help brokers (like you) level up your customer service and ensure the process is smooth, interactive and personalised. 

5. Work with reliable loan providers your clients can trust

Trust is your biggest asset as a mortgage broker. Your clients are relying on you to point them in the right direction and deliver loan options that meet their needs. 

To safeguard your reputation and deliver the best experience possible to your customers, you need to make sure you have access to reliable lending providers. 

Working with an experienced team of specialised loan providers, like Bridgit, allows you to recommend niche loan products with confidence for a diverse set of client's needs. With faster response times, an easy application process and an Australian-based support team on hand when you need it, you can empower your clients to make purchasing decisions on their terms. 

When it comes to staying competitive and standing out as a mortgage broker, offering your clients reliable loan options (tailored to their needs) is what will help your business succeed. 

With digital lenders like Bridgit, you can secure loan approvals in a few simple steps so your clients never miss out on the best opportunities, particularly in a competitive property market. 

Ready to find out more about how Bridgit can help you gain a competitive advantage? Access our product kit and learn more about partnering with Bridgit. 

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