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6 days ago | 
brokerdaily.au | Jack Campbell
Despite rapid digital advancement across Australia’s banking landscape, consumers still value the face-to-face interactions of a bank branch, said a recent report from Kearney. APAC is a leader in the shift towards digital banking, outpacing Europe by 4.5 per cent. This is made evident by the rise of digital and non-banks.
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6 days ago | 
brokerdaily.au | Jack Campbell
ASIC has announced changes to its Regulatory Guide 281 Low cost credit contracts. The reforms focus on providers that offer low-cost, interest-free credit and a generally short repayment term. The obligations set out in the guide require low-cost credit lenders to:
Make reasonable inquiries about the consumer’s requirements and objectives and financial situation. Take reasonable steps to verify their financial situation. Assess whether the credit contract is unsuitable.
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1 week ago | 
brokerdaily.au | Jack Campbell
While aggregators are aware of the issue, regulatory barriers could be preventing progress. A common theme uncovered when discussing the challenges in changing aggregators is that there is a lack of regulation to help protect brokers from these issues. Further, each aggregator has its own unique methods for handling the exit of a broker. This inconsistency has resulted in ambiguous processes. Compounding these issues are the varying processes between lenders.
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1 week ago | 
brokerdaily.au | Jack Campbell
Technology has seen rapid advancement and adoption in the wake of the COVID-19 pandemic. The finance broking industry was significantly impacted by these changes and has been forced to adapt to shifting processes. The tech revolution is here and there is no stopping it. Don’t let it overwhelm you. The first-ever Broker Innovation Summit will bring together industry experts to discuss the rise of technology, digitisation, and AI.
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1 week ago | 
brokerdaily.au | Jack Campbell
Many business owners will be gearing up for the new financial year, beginning 1 July. This is a time for reviewing performance and putting plans in place for the coming financial year. A busy time for business owners is a busy time for brokers. In a discussion with Broker Daily, Prospa’s general manager of sales and partnerships, Roberto Sanz, highlighted how crucial brokers are to SME clients this time of year.
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1 week ago | 
brokerdaily.au | Jack Campbell
The partnership between Aussie and the reality show “offers a timely and relatable look into the emotional highs and financial hurdles of buying a home,” said Aussie. Aussie broker Sam Harvey is included in the filming of the show. She said it was a fun experience and she “felt like a total broker superstar!”
“The crew was really warm and welcoming, and the couple I was cast with were such good vibes.
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1 week ago | 
brokerdaily.au | Jack Campbell
The last three years have seen extensive reforms to strata across NSW. In a discussion with Broker Daily, Holding Redlich partner Elly Ashley and lawyer Caitlyn Trussell delved into the changes and how they’re likely to impact stakeholders of property in larger building complexes. “Improved governance” was seen as a major reason for the sweeping reforms, said the pair. This includes changes to the Strata Managing Agents Legislation Amendment Act 2024 (NSW) (Agents Act).
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1 week ago | 
brokerdaily.au | Jack Campbell
The latest SMSF quarterly statistical report released by the Australian Taxation Office (ATO) revealed that SMSF asset allocation for residential property increased by 7.5 per cent between December 2023 and December 2024. This saw the total climb from $54.2 billion to $58.3 billion. The increasing popularity of SMSF investing revealed a golden opportunity for brokers.
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1 week ago | 
brokerdaily.au | Jack Campbell
With real-time payments making transactions instant and often irreversible, 26 per cent of younger Australians fear being tricked into sending money to fraudsters, compared to just 17 per cent of all adults. For brokers, this growing concern presents both a risk and an opportunity – clients in this demographic may be more cautious about digital transactions, yet they still prioritise ease of use and cost savings over fraud protection when choosing financial products.
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2 weeks ago | 
brokerdaily.au | Jack Campbell
The services a broker requires to operate effectively will determine which aggregation group works best for them
This can vary widely depending on the individual and as a broker develops, the need for offerings may shift. Despite this, changing aggregators comes with significant challenges that make it difficult to make the switch. Plenty of hurdles
Accendo Financials’ partner Trent Carter said that the biggest hurdle is the transferring of lender accreditations.
