2020 will no doubt go on record as one of the most challenging times for businesses and communities globally.
COVID-19 went from being a word never heard before to a talking point at every BBQ , kitchen table and dinner party around the world. Add to that our industry has been grabbed by the scruff of the neck and dragged through an endless puddle of mud during a lopsided inept Banking Royal Commission.
During this time ASIC, APRA and the Government contemplated numerous new laws to make getting a loan one of the more arduous tasks on record. People’s perceived deception to obtain a loan was scrutinised like never before, a meat pie, vanilla slice, chocolate milk combination from the local bakery on a Saturday morning before kids sports became the determining factor when being approved or declined for a home loan.
Historically when governments intervene in free markets with little, if any knowledge, things go pear shaped rapidly.
Over the last 12 months approval times have blown to record levels and lending has been stymied by ridiculous rules, have no insight into a families commitment to their mortgage. Fast forward to September 2020 and…surprise surprise! The same Government authorities that introduced the ridiculous “Responsible Lending Guidelines“ have decided to join the rest of us in the real world, and revert to a fair and reasonable system.
Let’s use Netflix as an example of this flawed system; If a family have saved enough to buy their first home and all the associated costs, does anyone seriously think that they would allow a streaming subscription to undermine their dream of home ownership ?
The mortgage broking community have endured a couple of horrendous years, yet the resilience and growth in broker numbers doubled with the increase in usage to nearly 60% of all loans is a fantastic endorsement for an industry that works hard for its clients even when we have everything against us.
Resilience is a word often used however not always earned.
Resilience (noun) the capacity to recover quickly from difficulties; toughness