A survey of mortgage brokers from Australia’s leading mortgage broker platform HashChing has revealed the stake of broker sentiment on the recent Best Interest Duty (BID) obligation, and how they think it will affect their workload.

CEO of HashChing, Arun Maharaj, said that given BID doesn’t apply to lenders, it was interesting to see that brokers were almost evenly split on how they think the obligation will affect demand for their services.

“45% of mortgage brokers in our latest survey are expecting to be even busier this year with the introduction of BID. Given the onus that is now being put on brokers, I was expecting this number to be a little higher. The majority of brokers (71%) didn’t think BID was a necessary obligation to introduce.”

When it came to the role that digital technology will play in brokers interactions with customers, the overwhelming majority are expecting change. 

“The events of 2020 forced brokers to rapidly change how they interact with customers, so it absolutely makes sense that 97% of respondents believe digital technology will play an even greater role in their interactions this year. At HashChing we believe the winners in today’s environment will be those brokers that leverage technology to work both the customer side of the equation, and internal operations. That’s why we offer brokers a one stop hub for all their technology requirements and more.”

Commenting on the property market outlook for 2021, Mr Maharaj said the ABS recently revealed that a record 8,192 loans for home building were approved nationally during December - an increase of 15.3% over the previous month's record result. 

“This shows that the property market is still showing no signs of slowing down, which is good news for brokers. Interestingly, 57% of brokers believe their key driver of activity will come from refinancing, while 38% believe it will come from first home buyers. The remaining 5% predict investors will be their key driver. Despite a positive outlook, brokers are united in their position on government funding - 90% of respondents said they would like to see more government support.”

After years of consecutive cuts, the majority of brokers aren’t predicting a change to interest rates from the RBA this year. 


Do you believe the RBA will change interest rates this year?

Yes - Lower


Yes - Higher


No - Stay the same



The Best Interests Duty for mortgage brokers officially came into effect on 1 January 2021. In your opinion, was this a necessary obligation to introduce?

Yes - It was necessary to better help consumers


No - I don't think it was needed as a statutory obligation



Given the Best Interests Duty doesn't apply to banks, do you think the obligation will lead to a rise in demand for broker services this year?

Yes - I'm expecting mortgage brokers will be even busier this year


No - It won't make a difference



Which of the following do you expect to be the key driver of activity for mortgage brokers this year?



First Home Buyers





Do you think there should be an intervention to ensure both new and existing customers have access to the same home loan deals?

Yes - The discrepancy needs to change


No - It's fine how it is



Do you think the government should be doing more to support the mortgage broker industry in 2021?

Yes - I'd like to see more support for mortgage brokers from the government


No - The current support from the government is enough



Are you expecting digital technology to play a greater role in your interactions with customers this year?







How to get the most out of your salary

It can seem hard to get ahead with the rising cost of living in Australia, however, with a well thought out plan and action, i...

4 in 5 Hopeful Buyers Don’t Understand Key Financial Concepts

While most Australians dream of owning their own home, the majority of hopeful homeowners admit they don’t fully understand ...

Secure Your Car Loan Now Before the Interest Rate Increase

It's not uncommon when buying a car for people to shop around for the right price on make, colour and size. You want the very ...

The top 10 tips for entrepreneurs starting up their business right now

Throughout the pandemic, we have seen the relentless damage that lockdowns have had on businesses. Despite this hostile enviro...

Steve ‘Commando’ Willis On Mind, Body, And Bank Balance

We’re quickly headed to that time of year where you start to feel like your finances are a little out of control. Levels of st...

Tips for managing your finances when self-employed

By Jo Hetherington, TAL Head of Financial Health 1. Explore your options when it comes to deciding on your business structure...

PayPal Is The Largest Non-bank Lender

Non-bank lenders have become a popular alternative to traditional banks when it comes to acquiring loans. According to data ...

Tips on How to Build Your Wealth

No matter where you are at in your life, it is always a good time to start putting money away, investing and building your w...

Study reveals impact of COVID-19 on Australia’s national debt

The COVID-19 pandemic has been financially challenging for millions, if not billions, of people around the world. But none...

The Magazine

What Does Ceramic Coating Do for Your Car?

There is a lot of buzz in the automotive world about ceramic coating and how it can perform miracles in helping to protect you...

Auslots Casino

An Overview of Auslots Casino  The services of the Au slots casino have just given more rise to i...

IKEA’s Top 5 Father's Day Product Wishlist

Top 5 Products under $50   We all know the struggle of finding a gift Dad will love, beyond the usual socks and gift cards...