It has been an incredibly tough 12 months for brokers affected by a pandemic, natural disasters and ongoing regulation. Australian Broker spoke to industry leaders to get their thoughts on 2020 and what lies ahead. It’s almost impossible to sum up 2020, but if there was one word to describe the past 12 months, it would be tumultuous.
The year started with bushfires and floods, which devastated many parts of Australia. Then, while affected residents and businesses were still trying to recover, COVID-19 hit, forcing widespread lockdowns and sending the economy into meltdown.
At the height of the pandemic in June, almost 500,000 home loans, or nearly one in 10 mortgages, as well as over 200,000 small business loans, were on a six-month deferral plan. By October, Australian Banking Association figures showed that almost half of home loan borrowers and 41% of SMEs had resumed payments.
But this year’s crisis has demonstrated the resilience, adaptability and innovation of brokers, lenders and aggregators. They have used technology to communicate with clients and colleagues, helped customers experiencing financial difficulty, and stayed abreast of market trends, government stimulus and regulations.
The property market didn’t collapse as some predicted. It has remained buoyant, with low interest rates, rising house prices, investors returning, and more businesses reporting they are back to pre-COVID levels.
Source: Australian Broker