Having the latest economic and property data at their fingertips helps brokers give better advice to customers
This article was produced in partnership with NAB
Australia’s economy and property markets are evolving rapidly. In this environment, customers are turning to brokers for advice on more than mortgage lending.
Savvy Finance Group principal broker Lisa Bridgett (pictured above left) says her customers are looking for guidance on what to expect from the economy, interest rates and property markets in the months ahead.
“I used to have client meetings where I would be pretty confident about steering [customers] towards variable or fixed rate lending depending on where we were, but now we’re on the fence,” Bridgett says. “We really don’t know what’s going to happen.”
This is where NAB Broker’s First Half Property Update 2023: Keeping Brokers Informed report has come in handy, Bridgett says.
Designed specifically for brokers, the report combines insights from NAB Group chief economist Alan Oster, with residential property analysis from CoreLogic and commentary on commercial property markets from NAB’s head of behavioural finance Dean Pearson and NAB economist Robert De lure.
“Having informed predictions in front of us to neatly weave into client interactions is really helpful,” Bridgett says, adding that being short on time, brokers need concise and relevant information to give customers.
In NAB Broker’s report, Oster notes that while Australia’s economy is likely to slow in the second half of 2023 after growing strongly through 2022, a severe downturn is unlikely.
A strong labour market and wage growth are providing support, Oster says. Australians are still spending on the essentials, but many are cutting back on discretionary items, and savings rates have declined to below pre-COVID levels.
Bridgett says the context the report provides helps her to have forward-looking conversations, which are front of mind for customers in today’s market.
“Having access to the latest property data from CoreLogic and NAB’s economics team is especially useful when talking to first home buyers looking to enter the market, and investors seeking new opportunities in both residential and commercial property,” she says.
The report outlines areas where a supply-demand mismatch has driven property prices higher – despite weak sentiment and rising interest rates. It reveals changes in property prices over the first half of 2023, as well as how markets are faring compared with historic averages.
“It’s essential to have data to call on to give customers insights into what I think might be a good investment given what their borrowing capacity might be,” Bridgett says.
NAB executive, broker distribution Adam Brown (pictured above right) says brokers are there for their customers every day, helping people to get the best outcomes for their home and commercial lending needs, and this report is just one example of how NAB is supporting brokers every step of the way.
“We have a consistent broker communication strategy, which includes research reports like this one, but also our Forward View webinars and recently launched podcast, as well as our experienced team of BDMs and relationship managers.
“We’ve never seen a more competitive lending environment than we are in today,” Brown says. “The better brokers can understand current market dynamics, and what to expect from property markets in the coming months, the better equipped they will be to help customers.”
Lisa Bridgett is the managing director and principal broker at Savvy Finance Group. Adam Brown is NAB’s executive, broker distribution.
NAB Broker Distribution is committed to assisting brokers in providing the best customer outcomes possible and is supported by a national network of experienced BDMs and Relationship Managers who provide support at every stage of a customer's home lending journey. We continue to invest in the broker channel as the bank behind the broker to give brokers the tools and assistance they need to help their customers, empowering them to develop success on their own terms.
