中国调研在线网讯
【关键词】Mortgage Broker Survey
【报告格式】 印刷版/电子版
【交付方式】 特快专递/E-MAIL
【释放日期】 2006年8月
【报告页数】 页
【报告字数】 字
【图表数量】 个
【报告价格】 印刷版：元 电子版:25000元 印刷＋电子：元
【其它信息】
【订购热线】 010-58613285 58613275 网上订购 邮件订购
Introduction
The Australian Mortgage Broker Survey 2006 is an invaluable guide to the dynamics of Australian mortgage brokers. It gives readers insight into the attitudes and trends of brokers. It covers a substantial amount of qualitative and quantitative information including lenders most commonly used in both the standard and non-standard mortgage market and lender qualities that are valued by brokers.
Scope
This report collected a substantial amount of primary data covering attitudes towards different lenders and which lenders are preferred.
It reveals the average upfront and trail commission rates and the incidence of volume based incentives
It discusses product features which are most valued by consumers.
It looks at how well the non-standard mortgage market is understood and which lenders are used when recommending these products
Report Highlights
Mortgage broker survey reveals that consumers place the most value on having a low variable interest rate with 60% of respondents stating it as either the first or second most important feature.
Mortgage broker survey results show that St George is considered to offer the best all round service. It pays one of the highest upfront and trail commission combinations in the market indicating these are important to brokers although they are unlikely to publicly admit this.
Reasons to Purchase
Find out what mortgage brokers want from their lenders
Find out which lenders are most regularly used by brokers and which offer the best service
Lenders: find out what mortgage brokers think of you and your prroducts
CHAPTER 1 EXECUTIVE SUMMARY 3
The Australian mortgage market continues to grow 3
Fast lending decisions and big lenders appeal to brokers 3
Low interest rates are the most desired feature in a mortgage product from a client's perspective 4
Mortgage brokers were well rewarded for writing mortgage business 4
Surveyed brokers expected refinancing and first time buyers to remain prominent borrowers over 2006 5
Awareness of non-standard mortgage products is high and lenders can expect more of these loans to be written in the future 5
The outlook for brokers is positive provided commissions are not reduced 5
CHAPTER 2 INTRODUCTION 15
Scope 15
Who is the target reader? 15
How to use this report 15
CHAPTER 3 MARKET CONTEXT 17
The Australian mortgage market continues to grow 17
The housing lending market in Australia 17
Total lending commitments for housing had increased to AUS$211.7 billion by the end of 2005 17
Average house price growth has slowed in recent years 18
In terms of total housing lending owner-occupied lending has increased while investment lending has fallen 19
A comparison of the average loan size from the Australian Bureau of Statistics and a survey of mortgage brokers 20
The average loan size published by the ABS is smaller than that revealed by the survey 20
CHAPTER 4 THE BROKER AND THE LENDER 22
Fast decision and big lenders appeal to brokers 22
Brokers cited fast lending decisions as the most favourable attribute of a lender 22
Having fast lending decisions is most important to brokers 23
Low comparison interest rates are also considered essential 23
Offering a wide range of product features is important 23
Brokers also had preference for direct contact with the decision maker and support from the help desk 23
Commission not a factor 23
Of least importance are alternatives such as electronic submission capability and brand strength 24
St George is the lender offering the best all round service 25
St George offers the best all-round service to brokers 25
ING Bank is also ranked highly in offering best all-round service to brokers 26
Brokers also consider ANZ to offer good all-round service 26
Three lenders that brokers consider to offer satisfactory all-round service are Westpac, Homeside Lending and Commonwealth Bank of Australia 26
ANZ is the most commonly used lender followed by ING and St George 27
ANZ is the most commonly recommended lender by mortgage brokers 28
ING is the second most commonly used lender, equivelent to its rank in best all-round service provision 28
Brokers rank St George as the third most commonly used lender 28
Commonwealth Bank received 7% of total responses 29
Westpac ranks fifth in terms of most commonly used lenders 29
BankWest is currently the sixth most commonly used lender 29
CHAPTER 5 THE MORTGAGE PRODUCT 31
Low interest rates are the most desired feature in a mortgage product 31
Consumers place high value on low interest rates followed by packaged products 31
According to brokers, clients place the most value on a low variable interest rate 31
Having a packaged product was also important to many clients 32
According to brokers, clients place almost equal value on having an overpayment facility and a redraw facility 32
Clients also place emphasis on the mortgage product having an attractive fixed rate 32
Consumers place little value in low introductory rates 32
CHAPTER 6 THE COMMISSION STRUCTURE OF THE MORTGAGE BROKER MARKET 34
Mortgage brokers are well rewarded for writing mortgage business 34
Mortgage brokers receive more than 0.7% upfront commission 34
The average upfront commission in the market is higher than that offered by the 'big five' lenders 34
The most common upfront commission was between 0.61% and 0.70% 35
On average brokers receive a trail commission of between 0.21% and 0.30% 36
The average trail commission in the market is below that offered by the 'big five' lenders 36
The most common trail commission was between 0.21% and 0.30% 37
The 'other' category shows 3% of respondents to earn a trail commission of more than 0.4% 37
Volume based incentives are also available to mortgage brokers 38
The most common volume based incentive is between 1% and 10% 38
The majority of respondents choosing the 'other' cateogry stated that their volume based incentive was difficult to specify 38
Mortgage brokers are happy with their current commission structure 39
Half of the surveyed brokers are happy with their commission structure 39
Surveyed brokers suggest that they prefer less upfront commission and more trail commission 40
Approximately 12% of respondents would like to change their commission structure by increasing upfront commission and reducing trail commission 40
CHAPTER 7 REFINANCING AND OTHER TYPES OF HOUSING BORROWING 42
Refinancing will continue to be the most common borrowing type over 2006 42
Data from the Reserve Bank of Australia shows that refinancing has increased as a proportion of total lending 42
Refinancing represents a significant portion of total loans written by brokers 43
Brokers do not envision any major changes to the level of refinancing in 2006 44
Refinancing is the most prominent type of borrowing for the majority of mortgage brokers surveyed 45
First time buyers with less than a 20% deposit also rank as an important borrowing category 46
Low doc lending is also considered an important 46
Reverse mortgages remain an smaller contributor to broker businesses 46
Most mortgage brokers surveyed did not expect their business mix to change significantly in 2006 47
CHAPTER 8 THE NON-STANDARD MORTGAGE MARKET 49
According to the survey, awareness and understanding of non-standard type mortgage products is relatively high and lenders can expect more of these loans to be written in the future 49
Most surveyed brokers are able to define a reverse mortgage 49
Brokers are readily able to name reverse mortgage providers 51
The most commonly listed reverse mortgage provider is Bluestone closely followed by St George 51
Pepper and ANZ were the most commonly cited lenders that are not reverse mortgage providers 51
Approximately 11% of respondents were unable to cite a list of three reverse mortgage providers 52
Brokers are familiar with sub-prime mortgage providers 53
The surveyed brokers reveal a relatively even split for preference in using: specialist providers or larger mainstream lenders 54
A list of the most commonly used specialist mortgage lenders
CHAPTER 9 THE FUTURE FOR MORTGAGE BROKERS 58
The outlook for brokers is positive provided commissions are not reduced 58
Mortgage brokers have positive expectations for their business' performance 58
Brokers expect their suite of products to expand 59
Commissions are the only major source of concern for brokers 61
Lenders reducing the commission level is considered the greatest concern by brokers 61
Also of concern is the possibiltiy of lenders aligning their commissions to the product profit and margin 61
Brokers are concerned that lenders are moving away from this distribution channel although we suggest that this is unlikely 61
There were three issues that were of little concern to brokers 62
APPENDIX 64
Supplementary data 64
Definitions 75
Balances outstanding 75
CAGR 75
Cash rate target 75
Gross advances 75
Lending commitments 75
Non-conforming 75
Research methodology 75
Primary research 75
Secondary research 76
Future readings 76
Relevant links 76
Custom research capabilities 77
Asia Pacific SPP writing team 78
How to contact experts in your industry 79
List of Tables
Table 1: Out of the 'big five' St George offers the highest commission combination to brokers 35
Table 2: Just fewer than 40% of total respondents expect 2006 to be no different in business mix while some anticipate an increase in both reverse mortgages and low doc loans 48
Table 3: Bluestone, St George and Macquarie are the most commonly recognised reverse mortgage lenders. The mainstream lenders such as Commonwealth Bank have much lower recognition 52
Table 4: Bluestone, Liberty and Pepper were the most commonly cited sub-prime mortgage providers 54
Table 5: Bluestone, Liberty and Pepper are the most commonly used specialist mortgage providers 57
Table 6: Total housing lending commitments, 2001-2005 64
Table 7: Median house price, 1990-2005 64
Table 8: Owner-occupied and investment housing lending, 1990-2005 65
Table 9: What is your average loan size? 65
Table 10: What do you consider to be the three most important attributes of the lenders you deal with the most frequently? 66
Table 11: Which three lenders do you most commonly use? Include banks, building societies, specialists and credit unions 66
Table 12: In your opinion, which three lenders offer the best all-round service to brokers? Include banks, building societies, specialists and credit unions 67
Table 13: In order of importance, how would you rank the following product features from your clients' perspective? Rank from 1-6 where 1 is the most important 67
Table 14: Which of the following best matches your average upfront commission rate? Answers are in percentage (%) 68
Table 15: Which of the following best describes your average trail commission rate? Answers are expressed as a percentage (%) of the loan book 68
Table 16: Which of the following best matches your average volume based incentive? Answers are expressed as a percentage (%) 69
Table 17: If you could change your commission structure, which of the following would you choose? 69
Table 18: Lending commitments for owner-occupied properties by purpose, 2001-2005 70
Table 19: In 2005 what proportion of the value of your business would you estimate was based upon refinancing? 71
Table 20: More than 50% of respondents expect the proportion of refinancing to total business in 2006 will be similar to that experienced in 2005 71
Table 21: How would you describe your business mix? Rank the types of lending in order of importance where 1=most important, 6=least important and 0=not applicable 72
Table 22: Which of the following best describes a reverse mortgage product? 72
Table 23: Would you prefer to use a 'sub-prime mortgage specialist' or a major provider offering sub-prime mortgages? 73
Table 24: How do you expect your mortgage business to perform in 2006 73
Table 25: Do you envisage increasing the suite of product that brokers expect to add to their product suite in the future 74
Table 26: On a scale of 1-3 how concerned are you by the following? Rate responses where 1 is very concerned, 2 is slightly concerned and 3 is unconcerned 74
List of Figures
Figure 1: Lending commitments are continuing to increase and peaked at AUS$211.7 billion at the end of 2005 18
Figure 2: Median house prices are continuing to rise with the current average price in excess of AUS$344,000 19
Figure 3: In 2004 and 2005 lending for investment housing as a proportion of total lending fell 20
Figure 4: The survey results show that 28.6% of mortgage brokers have an average loan size between AUS$251,000 to AUS$300,00 21
Figure 5: The attributes of lenders that brokers consider most important are various 25
Figure 6: St George is considered by mortgage brokers to provide the best all-round service 27
Figure 7: ANZ is the most commonly used lender by brokers, followed by ING and St George 30
Figure 8: According to brokers, clients place the most value on mortgage products having an attractive variable rate 33
Figure 9: Of the mortgage brokers surveyed, 41% are paid an average upfront commission between 0.61% and 0.70% 36
Figure 10: The most common average trail rate was between 0.21% and 0.30% 37
Figure 11: More than three quarters of respondents do not receive a volume based incentive while for those receiving one the average is between 1-10% 39
Figure 12: Of those brokers surveyed, 50% of respondents said they were happy with their commission structure and no change was necessary 41
Figure 13: Refinancing as a proportion of total lending had increased from 19.1% in 2001 to 27.9% in 2005 43
Figure 14: The survey shows that for the majority of lenders refinancing contributes up to 50% of their business, with the most common proportion being between 11% and 20% 44
Figure 15: More than 50% of respondents expect the proportion of refinancing to total business in 2006 will be similar to that experienced in 2005 45
Figure 16: Refinancing proved again to be the most important borrowing category, followed by first time buyers with less than a 20% deposit 47
Figure 17: Almost 73% of surveyed mortgage brokers were able to define a reverse mortgage while just 3% of respondents had no understanding of these products. 50
Figure 18: Surveyed brokers have no clear preference for mainstream or specialist sub-prime providers 55 Figure 19: According to the mortgage survey broker 92% of the respondents expect their 2006 business revenues to be similar or higher than 2005 59
Figure 20: Insurance was the most likely product that brokers expect to add to their product suite in the future 60
Figure 21: The possibility of commission being reduced was the primary concern for surveyed brokers. 63
Figure 22: Core consulting capabilities 78 |
chinahyyj@chinahyyj.com.cn 咨询QQ： 
