Australian Broker 17.17

SEPTEMBER 2020 ISSUE 17.17

Expiring deferrals: what ASIC expects The processes lenders must have in place to manage borrowers coming out of a deferral period /08

Risky business, or safe as houses?

Are the events of 2020 just another bump in the road for an otherwise secure asset class? /18

TONY CARN The latest acquisition by NextGen.Net, the lending industry’s leading tech solutions provider, puts it at the forefront of the open banking revolution /14

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Embracing the tech revolution COVID-19 has prompted tech changes, but it’s not the only driver of technological advancement /22

ALSO IN THIS ISSUE… Co-buying a home Is buying a home with another person a brilliant idea, or a recipe for disaster? /17 Big deal A relationship breakdown with retirement ahead added complexity to this deal /21 In the hot seat Evelyn Clark is passionate about her role in positively impacting people’s lives /30

31/08/2020 12:18:15 PM

NEWS

IN THIS SECTION

Lenders Firstmac sets new fl oor for variable rates /04

Associations HIA: Slow population growth a drag on housing market /06

Market Homebuyers losing confi dence in property market /10

Aggregators Loan Market exec: Digital VOI must be here to stay /12

Regulators ASIC clarifi es expectations of lenders as deferrals expire /08

www.brokernews.com.au SEPTEMBER 2O20 EDITORIAL

SALES & MARKETING

Editor Sarah Megginson

Publisher/Sales Manager Simon Kerslake

News Editor Madison Utley

GLOBAL WATCH How is the mortgage and broking world responding to the COVID-19 pandemic overseas?

Here’s your snapshot of the news that matters most to the mortgage industry in North America

LENDER’S ‘ADVERSE MARKET’ FEE MET WITH ANGER and Fannie Mae have announced a new Adverse Market Refinance Fee (AMRF). From September 1, US borrowers looking to refinance their properties will be required to pay a 50bps fee on most refis. The AMRF will be applied to cash-out and no-cash-out refinances, except for some forms of construction conversion mortgages. The lenders cited “market and economic uncertainty resulting in higher risks and costs” as justification for the new fee, and the mortgage industry’s response has been predictably savage.

The announcement “flies in the face of the Administration’s recent executive actions urging federal agencies to take all measures within their authorities to support struggling homeowners”, said Mortgage Bankers Association president and CEO Bob Broeksmit. He expects the fee to add around US$1,400 to each refinance deal.

FREDDIE MAC

Production Editor Roslyn Meredith

ART & PRODUCTION

Global Head of Communications Adrijana Monevska

CORPORATE

Designer Jommel Ramos

Chief Executive Officer Mike Shipley

Production Manager Alicia Chin

Chief Operating Officer George Walmsley

Traffic Coordinator Kristine Jamir

Managing Director Justin Kennedy Chief Information Officer Colin Chan Human Resources Manager Julia Bookallil

EDITORIAL ENQUIRIES

Madison Utley +61 2 8437 4700 madison.utley@keymedia.com

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NEW LISTING GROWTH AS SELLERS RETURN TO MARKET US housing market reached another recovery milestone in early August, according to realtor.com. For the first time since the outbreak of COVID-19 in the US, new listings growth leapfrogged past its January level. Now, all four major components of realtor.com’s Housing Market Recovery Index – new listings, house demand, asking prices and pace of sales – have exceeded the report’s pre-COVID baseline of January 2020 levels. The overall index climbed 1.9 points week-over-week to a reading of 105.6 for the week ending August 8. New supply growth has surpassed its pre-COVID levels by 1.7 points, reaching 101.7 nationwide. However, new listings were still 6% below where they were this time last year. Total inventory also saw a 36% cut as buyers continue to scoop up new listings.

THE

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LAWYER, WIFE CHARGED WITH SCAMMING MORTGAGE LENDERS disbarred Massachusetts real estate attorney and his wife were apparently equal A partners in everything in their marriage – including, allegedly, orchestrating multiple mortgage scams. Barry Wayne Plunkett Jr., 60, and Nancy Plunkett, 55, are each facing the possibility of decades in prison and hundreds of thousands of dollars in fines after being charged with five counts of bank fraud and one count of aggravated identity theft in connection with various mortgage fraud schemes. Barry Plunkett has also been charged with tax evasion. According to prosecutors, the Plunketts orchestrated several mortgage scams that cheated lenders out of millions and that were run both before and after Barry Plunkett’s disbarment. In one scam, the Plunketts allegedly bilked six mortgage lenders and 14 homeowners, stealing more than US$900,000.

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This magazine is printed on paper produced from 1OO% sustainable forestry, grown and managed specifically for the paper pulp industry Copyright is reserved throughout. No part of this publication can be reproduced in whole or part without the express permission of the editor. Contributions are invited, but copies of work should be kept, as Australian Broker magazine can accept no responsibility for loss. Australian Broker is the most-often read industry publication, according to independent research carried out by the Ehrenberg-Bass Institute for Marketing Science at the University of South Australia in December 2008. The research also found that brokers rate Australian Broker as the best for both news content and feature articles, followed by sister publication MPA. Overall, on all categories, Australian Broker ranks top followed by MPA. The results were based on a sample of 405 respondents who were the subject of telephone interviews.

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31/08/2020 12:23:02 PM

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31/08/2020 12:26:59 PM

NEWS

LENDERS MUTUAL BANKS UNVEIL PLANS TO MERGE non-majors have announced they are working towards a merger as the smaller lender seeks scale to continue offering its customers the best service possible in a tumultuous environment. The partnership would see Firefighters Credit Co-operative in Victoria join a branch of one of the largest mutual banks in Australia, Teachers Mutual. Like Firefighters Credit Co-operative, Teachers Mutual’s Firefighters Mutual Bank division was established to look after the financial needs of firefighters and their families.

FIRSTMAC DROPS VARIABLE INTEREST RATES Source: Firstmac; current as at 24 August, 2020

TWO

Broker Special basic rate

Broker Special investor rate

80% P&I – 2.59%

80% P&I – 2.84%

ZIP Home Loan 2.73%

BANKS TWEAK RATES TO SUIT CUSTOMER NEEDS a non-major and a neobank have announced interest rate adjustments as they look to better accommodate their customers in the current lending landscape. ME has reduced its fixed rates by up to 40bps across its one- to three-year terms for owner-occupiers paying P&I with at least a 10% deposit. Neobank 86 400 also unveiled changes to its ‘Own’ home loan interest rates, introducing tiered rates for all variable customers so those with lower LVRs can access better rates.

BOTH

“We have successfully raised $2.3bn in funding … and we are aggressively competing for prime loans as a true alternative to the banks” Kim Cannon Managing director, Firstmac

FIRSTMAC SETS NEW FLOOR FOR VARIABLE RATES In an already-competitive market, the non-bank lender has dropped its variable interest rates to among the lowest available has cut the new business rates on its Broker Special product range and ZIP Home Loan by 10bps and now boasts the lowest advertised variable investor rate available to brokers, as well as one of the lowest variable rates for owner-occupiers.

It comes as the group looks to go head to head with the banks, which have been increasing their market share over recent months.

Managing director Kim Cannon expressed hope that the rate cuts would help Firstmac prevent history from repeating itself.

“During the GFC, the big banks increased their dominance FIRSTMAC

in the market due to their funding advantage, but we will make sure that this time will be different,” he said. “We have successfully raised $2.3bn in funding since the COVID-19 crisis hit, and we are aggressively competing for prime loans as a true alternative to the banks.”

Now, the group’s Broker Special basic 80% P&I rate for owneroccupiers sits at just 2.59%, its investor rate for the same category is 2.84%, and its ZIP Home Loan is at 2.73%. Further, there are no annual or ongoing fees associated with any of Firstmac’s loans.

The lender’s strength during the

pandemic has been made clear as the most recent analysis of its $12.6bn loan book shows that the proportion of its borrowers on COVID-19 hardship arrangements has not only been gradually declining but has remained “consistently lower” than the banks’.

According to Cannon, its superiority in this regard can be attributed to the group’s personalised approach in tailoring its solutions to each borrower’s individual circumstances.

“The number of borrowers needing hardship arrangements has fallen steadily from mid-June and was about 10% down from its peak by the end of July,” Cannon said.

“The transparency and strength of our prime loan book has been a key factor in maintaining our funding support, which in turn has allowed us to keep offering brokers competitive products with market-leading rates like our Broker Specials.”

©

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31/08/2020 12:27:38 PM

Our homes are more important now than ever.

If your clients are worried about theirs, we’re here to help.

Westpac Broker Home Loan Help

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20059/0520

31/08/2020 12:28:10 PM

NEWS

A S S O C I AT I O N S / T E C H TECH TO DRIVE BENDIGO AND ADELAIDE STRATEGY sharing its full-year results to 30 June 2020, Bendigo and Adelaide Bank highlighted the “record levels” of growth in total lending achieved and reiterated its commitment to its strategy going forward – with a particular emphasis on ramping up the bank’s tech capabilities. “Looking ahead, we are accelerating the transformation of our cost base by investing in automation initiatives and new capability to improve operational efficiency, customer outcomes and experience,” said Bendigo and Adelaide CEO and managing director Marnie Baker.

WHEN

HOUSING ASSOCIATION CELEBRATES HOMEBUILDER cautioning against prematurely attributing the rise in new home sales in June to HomeBuilder, the Housing Industry Association is now celebrating the positive impact of the initiative.

“With two months of data since the introduction of the Australian government’s HomeBuilder scheme, it is increasingly clear that HomeBuilder has arrested the decline in new home sales and will protect jobs in the sector into 2021,” said HIA chief economist Tim Reardon. In the two months since June, new home sales were 64.4% higher than in the previous two months.

AFTER

SUBDUED POPULATION GROWTH A DRAG ON HOUSING MARKET The HIA says new building activity is likely to remain down as stagnating population growth and decreased access to finance are holding it back to the Housing Industry Association’s quarterly economic and industry outlook report, prior to the COVID-19 pandemic population growth had “already fallen well below expectations” as overseas migration and the natural rate of population growth fell.

“Adding to this structural decline in population growth, the contraction in migration due to COVID-19 will further impede building activity over the decade,” explained HIA chief economist Tim Reardon.

New home starts peaked in 2016 at 234,000. Last year, they sat at 173,000 and in 2020 they are on track to reach just under 140,000.

ACCORDING

Commercial Loans

According to the HIA, the multi-unit market is set to bear the brunt of the COVID-19 shock.

“The contraction in multi-unit starts will occur sooner and be more pronounced than for the detached market, and focused on high-rise apartments due to the abrupt halting of migration,” Reardon said.

“A slowing in multi-unit starts had been underway since 2018 when starts in this part of the market exceeded 100,000 annually.”

Reardon also believes the inaccessibility of finance for those wanting to build a new home will drag on the recovery of the housing market as well.

“In the years since the GFC, Australia’s financial market and banking regulators have tightened lending requirements. It is now harder for a first home buyer with a 10% deposit to access finance than it was in 2009,” he said.

“If we were to return to previous lending practices, the Australian economy would recover faster from the COVID-19 recession.”

The association anticipates that the market for detached-home building will show slightly more resilience than the multi-unit market, decreasing as it heads into 2021/22 and reaching a trough in the September 2021 quarter as the government’s HomeBuilder grant brings starts forward into the March quarter.

“Of course, this positive outlook is dependent upon the progress of the pandemic and, even with a rapid recovery from this recession, the Australian economy will not return to the level of wealth experienced in 2019 for a number of years,” Reardon concluded.

“The contraction in multi-unit starts will occur sooner and be more pronounced than for the detached market, and focused on high-rise apartments”

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31/08/2020 12:28:42 PM

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31/08/2020 12:29:45 PM

NEWS

R E G U L AT O R S

GENERATIONAL SHIFT IN REPORTED IDENTITY THEFT aged 25 to 44 have overtaken retirees and the elderly in reporting cases of identity theft. According to the ACCC’s Scamwatch, reported cases are a third (32%) higher in 2020 than in the corresponding period last year. “This change reflects broader societal trends for digital technology.

Unfortunately, it is easy to focus on the benefits and overlook the pitfalls of sharing information so readily,” said Leanne Vale, financial crimes director at the Customer Owned Banking Association.

AUSTRALIANS

BANKS OBLIGED TO OFFER ‘REALLY CLEAR’ ADVICE executive director Mark Haron has likened ASIC’s guidance on how lenders should handle the expiry of customers’ loan repayment deferrals to the advice given to brokers on the best interests duty. “It sounds very similar to the guidance they’ve been giving to the mortgage broker industry – more specifically around our upcoming best interests duty obligations,” he said. “What ASIC is saying here is the banks must be really clear in explaining to their customers the consequences of putting their home loans on pause.”

CONNECTIVE

“Customers may be eligible for an extension of their deferral for up to four months [and] will be expected to work with their bank during this extra time to find the best solution” Anna Bligh CEO, Australian Banking Association

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ASIC HAS CLEAR EXPECTATIONS OF LENDERS AS DEFERRALS EXPIRE ASIC has clarified what it expects from lenders as consumers’ six-month loan repayment deferrals expire over the coming months has stressed that there are certain processes lenders must have in place to not only ensure an “orderly transition” but also to support “appropriate and fair” outcomes for customers when their loan payment deferrals expire.

Sitting atop ASIC’s list is the expectation that lenders make “reasonable efforts” to contact customers before their deferrals expire to ensure they have sufficient time to consider their options. In instances when a consumer fails to respond, the lender is expected to try a range of other communication channels as they will be asked to provide evidence of the lengths they went to in order to get in touch.

ASIC

Once contact has been made, lenders are expected to arm consumers with the information they will need to assist them in their decision-making.

If a consumer indicates that they can’t resume repayments on their mortgage, lenders are expected to make an effort to connect with them directly, such as through a phone call, to gather information about their personal circumstances and make a decision about the loan in a fair and appropriate manner.

When a lender determines that further assistance is needed, its processes should be flexible enough to allow for tailored assistance to meet the needs of the consumer;

however, ASIC emphasised that it’s crucial that lenders keep records of the assistance options they are providing.

If a consumer is unable to meet their repayment obligations after the expiry of their deferral and a lender decides not to provide further assistance, the consumer must be notified of their right to complain to the Australian Financial Complaints Authority.

ASIC has also recently met with a range of both bank and non-bank lenders to gauge the other concerns currently dominating the space.

During these talks, some lenders have raised queries about how to approach situations in which a consumer’s financial difficulties are so severe that they will not be able to repay their loan over the longer term.

The regulator said, “Such situations will need to be carefully identified by lenders and involve a high level of engagement with those affected consumers.”

www.brokernews.com.au

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31/08/2020 12:30:20 PM

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31/08/2020 12:30:53 PM

NEWS

MARKET CONTINUED SLOWDOWN IN NEW HOME BUILDING home starts have dropped from a peak of 234,000 in 2016 to an expected total of just under 140,000 this year. The Housing Industry Association says new building activity is likely to remain subdued into the future due to slow population growth and decreased access to finance.

“Prior to COVID-19, population growth had already fallen well below expectations as overseas migration and the natural rate of population growth fell,” said HIA chief economist Tim Reardon. “The contraction in migration due to COVID-19 will further impede building activity over the decade.”

NEW

SURVEY SHOWS FHBS PUTTING BUYING ON HOLD economic impact of the

THE COVID-19 pandemic has

HOMEBUYERS LOSING CONFIDENCE IN PROPERTY MARKET More Australian homebuyers are losing confidence in the property market due to COVID-19, according to new broker research research from mortgage broker Aussie shows that uncertainty arising from the ongoing COVID-19 pandemic has led two thirds (65%) of Australians with property plans to lose confidence in their ability to achieve their property goals.

According to Aussie’s figures, consumer confidence in the property market collapsed from 76% in January of this year to just 46% in June. Additionally, more than six in 10 (61% of ) respondents indicated that the pandemic had resulted in changes to their property plans, including a third (35%) who said they had delayed them.

However, 42% of Australians NEW

have said they want to take advantage of the market despite the uncertainties – they just don’t know how. This has led to over half (54%) wanting more guidance when it comes to their property and finances, while a third (36%) would be more likely to engage a broker now to help them better navigate the property market.

Aussie said its customer data supports these statistics, with enquiries remaining relatively steady. The broker saw a 1.8% year-on-year increase in enquiries between January and July 2020, while lodgements were up 16% year-on-year in the same period.

According to Aussie, the numbers

show that many Australians are still “looking for ways to navigate the current environment to see how they can make their property plans a reality”.

“There are many opportunities available right now that could make it favourable for Australians to enter the market, invest, downsize or refinance, including lender cashback incentives, reduced interest rates, and government initiatives such as the First Home Owner Grant, the $25,000 HomeBuilder grant and the First Home Loan Deposit Scheme,” said James Symond, CEO of Aussie.

“During what has been a challenging time for many Australians, including a change in personal circumstances or financial outlook for some, brokers have an important role to play in helping Australians understand their options and make smart choices to keep their property goals on track.”

forced the majority of first home buyers to scuttle their plans to buy property. According to a new survey

by Gateway Bank, more than two thirds of FHBs have delayed or abandoned plans to purchase a property because of the pandemic.

The survey also revealed that around half of FHBs have tapped into their deposit savings during COVID-19.

Paying day-to-day expenses was the highest-ranked reason given (45%), followed by assisting a family member experiencing financial stress (17%).

“During what has been a challenging time for many … brokers have an important role to play in helping Australians understand their options” James Symond CEO, Aussie

AUSSIES’ PROPERTY BUYING PLANS IN 2020 Source: Aussie

10

65%

42%

61%

35%

of Australians with property plans have lost confidence in their ability to achieve their property goals

want to take advantage of the current market, despite the uncertainties

say the pandemic has resulted in changes to their property plans

say the pandemic has delayed their plans to buy property

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31/08/2020 12:31:21 PM

TECHNOLOGY UPDATE

LOAN MARKET PARTNERS WITH NEXTGEN.NET TO FUTURE-PROOF BROKERS

Mathew Camp, Head of Product Management MyCRM, Loan Market

integration of Loan Market Group’s awardwinning technology platform ‘MyCRM’ with NextGen.Net’s ApplyOnline platform has always been core to its time-saving and frictionless lending experience. But this strong tech partnership is now also core to how the group is helping brokers prepare for a post best interests duty (BID) world from 1 January 2021.

“The upcoming BID legislation will place greater emphasis on broker documentation and due diligence processes throughout the customer experience. So we want to make sure what we have in our MyCRM platform aligns with brokers’ compliance needs, while creating a fantastic customer experience,” says Loan Market’s Head of Product Management MyCRM, Mathew Camp.

“By working with NextGen.Net, we’re maximising the data captured through ApplyOnline, along with their ongoing platform enhancements, so brokers can have complete confidence prior to lodging that they are within healthy margins from a compliance perspective.”

Loan Market’s Chief Operating Officer for its MyCRM Division, Joanne Church, who was one of the key leaders during the development and THE

evolution of MyCRM, reaffirms NextGen.Net’s long-standing partnership and proactivity in responding to Loan Market’s business needs.

“An example of this is a recent project that we’ve been working on with NextGen.Net to improve the way we map expenses,” Church says. “There’s been a keen spotlight on analysing customers’ expenses and ensuring they don’t go into hardship, and it’s been a really complex process because every lender wants it slightly differently, and customers don’t always understand what you’re asking for.”

Camp adds, “This project came about from broker feedback, as well as the legislative environment. So we spoke to NextGen.Net about the need to evolve and capture expenses.

“We wanted end customers to have the ability to declare expenses, ideally using tools upfront via our customer portal, and then have these flow on through to the lender without too many touchpoints.

The business requirements we finally arrived at were exactly what NextGen.Net were about to launch: their second update of Standardised Expense Categories.

“As a result, we were able to align on remapping the way our expenses work on our platform

Joanne Church, Chief Operating Officer – MyCRM Division, Loan Market

and how we capture those from bank statements and services upfront and flow them all the way through to submission via ApplyOnline.

“We’ve just released it, and so far it’s proving to be a great win for all stakeholders – brokers, lenders and end customers,” Camp says.

NextGen.Net Chief Customer Officer Tony Carn says, “Loan Market are leading the way in CRM technology for brokers and are ahead of the curve in utilising current capabilities for expense management.

“The next exciting step will be working together to leverage our recent acquisition of Frollo and their leadership in open banking to provide brokers with access to the Consumer Data Right [CDR] through ApplyOnline,” says Carn.

Planned enhancements to the ApplyOnline platform that leverage the CDR will streamline the loan application process further and provide enormous efficiencies to brokers.

Determining ways to deliver improved efficiencies to brokers is Camp’s chief focus.

“The other time-saving tool we love to talk about is ApplyOnline’s ‘Compliance tab’,” he says. “When NextGen.Net rolled that out it was a real win for brokers. Instead of having

to fill in the Broker Interview Guide, they were able to do it digitally within our MyCRM platform and pass it through to ApplyOnline seamlessly.

“Now we’ve taken it a step further and brokers can use our new Goal Setter tool to capture customers’ requirements and objectives during an appointment and have these saved straight into our MyCRM platform.

“There’s also a big push post COVID-19 for loan documents to be signed off on platforms, avoiding the need for paper and wet signatures. NextGen.Net is doing a great job in driving this change across all lenders with its new ApplyOnline ‘eSign’ tool that helps us remove a significant point of friction in current paper-based lending processes,” Camp says.

Church adds that “while techsavvy brokers tend to be drawn to Loan Market, our culture is inclusive, and our platform is intuitive and easy to follow, with great ongoing training and support. Which is why actively fostering strong partnerships with market leaders like NextGen.Net is core to helping us deliver on the ‘four promises’ we make to our brokers to save them time, keep them safe, help them find and keep clients, and grow their business.

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31/08/2020 12:32:43 PM

NEWS

A G G R E G AT O R S

MORTGAGE CHOICE EXPANDS LEADERSHIP TEAM aggregator has recruited new talent to its leadership team to help facilitate the next phase of growth for its brand. Mortgage Choice welcomed Jerome Smith to the role of head of franchise recruitment, in which he will drive the continued growth and success of the group’s franchise network. Most recently, Smith spent several years in the real estate industry, helping to successfully expand the LJ Hooker and Ray White franchise networks into new Australian markets.

AN

FINSURE ADDS NEW REVENUE STREAM TO CRM partnering with a digital bill comparison provider, Finsure has integrated a new revenue stream for brokers into its CRM platform. GM of aggregation Simon Bednar says the arrangement with SmartMe enables brokers to be paid commission for their customers’ connections to gas, electricity and broadband. “We are very pleased to [provide] this additional service to Finsure brokers so they can offer diversified services to their customers, particularly given the current difficult environment.”

BY

“For a lot of larger institutions … it’s harder to make change happen. But it’s in their interests to speed up their ability to change” David McQueen

Chief compliance and regulation officer, Loan Market

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AGGREGATOR: DIGITAL VOI MUST BE HERE TO STAY A Loan Market executive has argued why it’s in the industry’s interests for digital VOI to become the norm in a post-pandemic world a day-long webinar hosted by ASIC that explored opportunities and developments around responsible lending, an aggregator has made the case for why digital verification of identity must remain in place following the COVID-19 pandemic.

“My hope would be that we don’t go back to what [VOI] was before COVID-19,” said Loan Market’s chief compliance and regulation officer, David McQueen, at the webinar.

According to McQueen, while social distancing restrictions have undoubtedly encouraged the more rapid adoption of digital VOI solutions within the industry, there are benefits to the new solution that will outlast the pandemic – and with no additional risk when DURING

compared to the physical verification process. “[Over the next five years] working within the mortgage space, the clients we are going to be dealing with are going to change. Clients are going to be far more comfortable with using digital tools,” McQueen added.

“For a lot of larger institutions, we know it’s harder to make change happen. But it’s in their interests to speed up their ability to change – especially when it’s the right thing to do for the institution and the consumer.”

McQueen also emphasised that if digital VOI was given indefinite approval by the Australian Registrars’ National Electronic Conveyancing Council, lenders would be pressured to do the same.

Since the onset of social distancing restrictions, majors, non-majors, non-banks and aggregators have moved to make digital VOI available to their brokers, facilitated by a range of tech companies, such as InfoTrack, MaxID and MSA National, which provides the IDyou app.

Recently, FinTech Australia highlighted the role that open banking could play in helping to standardise digital VOI platforms and processes across financial services, creating a secure base that would allow for further innovation in the space.

“Currently, through tailored [anti-money laundering] programs, bespoke technology solutions and a handful of aggregators, entities largely design their own ways of dealing with ID verification issues,” the group explained.

However, once standardised, it said digital VOI could be used in myriad other ways. This would deliver a material benefit not only to financial institutions but also to Australian consumers.

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31/08/2020 12:33:40 PM

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13/02/2020 10:31:15 PM 31/08/2020 12:34:45 PM

FE AT URES

SPECIAL REPORT

SPEARHEADING THE DIGITAL REVOLUTION

As Australia’s leading technology solution provider to the lending industry, with a focus on delivering quality products and services to lenders, aggregators and brokers, NextGen.Net has recently made an exciting acquisition that puts it at the forefront of the open banking revolution

NEXTGEN.NET: STREAMLINING THE MORTGAGE PROCESS

1993 NextGen.Net was established in 1993 and is now Australia’s leading technology provider to the mortgage lending industry

Its mission is to make lending easy and to provide lenders, aggregators and brokers with a more efficient way to deliver to their customers

97% With a strong track record of industry firsts, NextGen.Net has seen 97% of all Australian mortgage brokers and over 50 lenders use its electronic lodgement platform, ApplyOnline®

NextGen.Net continues to pioneer state-of-the-art solutions, from loan application through to processing and settlement

14

trusted innovator in lending technology, NextGen.Net makes the process of applying for a home loan more seamless and structured through ApplyOnline®, a loan processing tool that becomes an integral part of a broker’s business, enabling brokers to increase efficiencies, while simultaneously offering users a smooth customer experience.

ApplyOnline® provides true straight-through processing backed by an advanced workflow and decision engine that significantly improves loan approval turnaround times.

“We’re well beyond critical mass in terms of utilisation of our Supporting Documents service, with a checklist to say which documents are needed when, and the capacity to use optical character recognition (OCR) to read the files. ApplyOnline® is a safe and efficient environment for document delivery, and it’s a genuinely superior alternative to emailing documents!” says Tony Carn, chief customer officer at NextGen.Net. First launched almost 15 years ago, ApplyOnline® also offers brokers access to detailed reporting of pipeline movement, to increase visibility of loan status and identify process bottlenecks – and it’s these types of efficiencies and opportunities that have really benefited brokers during the pandemic, Carn says.

“The pandemic hasn’t really changed the baseline of what A

we do. As a software-as a-service (SaaS) offering, ApplyOnline® was already a digital platform, so we’d already revolutionised the way we do mortgages online almost 15 years ago, and the fact that we had the digitised structure in place meant we were ahead of the curve without ever realising this is the environment we’d be operating in,” Carn explains.

“One of the things we actually had in place was a robust pandemic plan, although we didn’t expect to ever have to use it! As an organisation, what we saw was

government-issued documents and have it all verified within the platform. The uptake of these tools now has been impressive.”

NextGen.Net’s benchmark reporting is another area in which both broker groups and lenders are seeing a lot of value.

ApplyOnline® provides for robust insights and analysis, which allows a lender, for instance, to review its credit assessment metric and ask: how do we calculate living expenses, and how does that compare to the rest of market? How

“The likes of MS Teams and Zoom and electronic document delivery and signatures have always existed – COVID-19 has merely jolted us into using them more” that there were a number of tools we offered that were available but weren’t really being used.

A really good example of that was e-signatures, as most lenders were still requiring a wet signature.

“The other was ID verifications.

Many lenders still required brokers to ID a customer face-to-face. With NextGen.Net an authorised gateway provider with the Department of Home Affairs, ApplyOnline® allows the broker to type in the details of

are we performing in terms of the number of applications received across various different categories? Are the number of refinances up for the month, or have they fallen? And what is the current turnaround time to unconditional approval?

“Everyone wants to know what’s going on in the market and how they are comparing against peers in ‘time to yes’ and a number of other KPIs. We ratcheted it up, and now we have made these tools

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In partnership with

Tony Carn, chief customer officer, NextGen.Net

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FROLLO: A STRATEGIC ACQUISITION



In July 2020, NextGen.Net announced it had acquired Frollo, a purpose-driven Australian fintech and leading provider of financial management and open banking solutions



The strategic acquisition brings together industry leaders from complementary business areas to help both companies lead the way in Australia’s new open banking environment



Frollo aims to help neobanks, traditional banks, fintechs, lenders and employers get ahead of the competition with its B2B and open banking solutions, including the development of API-led digital money management features



Gareth Gumbley, CEO and founder of Frollo, says open banking “is a game changer, giving consumers control of their data and how it is used. We are thrilled to now be part of the NextGen family, where there is a huge potential for growth”

available as a self-service platform, which has been really interesting as it allows the data to be accessed in real time,” Carn says.

While the industry has embraced rapid tech change since the outbreak of COVID-19, Carn believes that innovations and efficiencies should serve to free up brokers to better serve their customers rather than replacing their role altogether.

Remote interactions are “the obvious one”, he says, in terms of the major pivot that mortgage brokers, lenders, aggregators and indeed the entire industry and business community have made in an effort to continue working while being socially distanced.

“The likes of MS Teams and Zoom and electronic document delivery and signatures have always existed – COVID-19 has merely jolted us into using them more, and perhaps made us realise we should have adopted some of them sooner. Interestingly for us, when the pandemic first hit, we had Microsoft Teams but we were barely using it; it was being used largely by our developers but wasn’t used widely across the business. Now it’s become our primary means of communicating and meeting,” he says.

“Going forward, technology will never replace a broker. I think we’ll learn to leverage the tools more effectively, and brokers will be supported to do what they do best: help people. I read somewhere recently that virtual engagement will replacement face-to-face meetings and become ‘the new normal’ when virtual honeymoons become the new normal. We are learning to better leverage technology, but it’s in addition to, 16

not at the expense of, the existing broker offering.”

When the pandemic first began impacting Australians in March, this was followed by the three busiest months of broker activity on record, Carn says – and has created awareness and appreciation for the work that brokers do.

“Brokers and lenders alike have a tough job to do. In any environment it’s tough, but in a tightening market from a credit perspective, things aren’t as easy as they used to be. So, right now, from our perspective, it’s about making sure the right plumbing is

minds, there are a number of ways that NextGen.Net aims to help broker groups deliver the changes required – a task made slightly more complex by the fact that “they’re largely subtle”.

“The vast majority of brokers are already doing what they need to be doing, and they’re acting in the best interests of the customer already – this is about having the evidence in place to support that,” Carn says.

“A lot of the changes stem from responsible lending and the legislation that came into place earlier this year, too. We worked

“Brokers and lenders alike have a tough job to do … from our perspective, it’s about making sure the right plumbing is in place to allow lenders, brokers and borrowers to interact in a seamless way” in place to allow lenders, brokers and borrowers to interact in a seamless way,” Carn says.

“A lot of the work we’re doing is behind the scenes. It’s not so visible and it’s not always the sexy, sizzling stuff – but it does serve to take a lot of the friction out of the mortgage application and approval process. We aim to be a safe and reliable pair of hands to support the broker community.”

At present, this includes a big focus on helping brokers and lenders alike meet their regulatory obligations. With best interests duty at the forefront of everyone’s

on delivering a digitisation solution with a number of lenders as far back as 2018, so we’ve been well ahead of the curve with this before it was even on the agenda for others.”

In another move that demonstrates NextGen.Net’s position at the forefront of the industry, earlier this year it acquired Frollo, a purpose-driven Australian fintech and leading provider of financial management and open banking solutions.

The strategic acquisition brings together industry leaders from complementary business

areas to help both companies lead the way in Australia’s new open banking environment.

“With open banking, there will be real material change to the industry over the coming two to three years, and that change is now starting to get underway.

We as an organisation have made a meaningful acquisition in that space through the acquisition of Frollo, which is an unrestricted data recipient under the open banking regime and the only fintech in the market that is able to facilitate a consumer exercising that right in the market,” Carn says.

The addition of Frollo’s complementary technology and teams will strengthen existing NextGen.Net solutions and improve lending experiences using open banking. Frollo will leverage the experience and resources of NextGen.Net, while providing open banking technology for the NextGen.Net platform to reduce the cost of responsible lending and improve ‘time to yes’.

A government-led scheme that mandates the way banks should share consumer data in a machine-readable way when customers request it, the Consumer Data Right aims to reduce the friction within financial transactions, help consumers get better deals, and spur innovation through competition.

Frollo is the first fintech in Australia to become an accredited data recipient under the ACCC’s open banking regulations and was the first to go live with access to open banking data on 1 July.

“Frollo has fantastic tech and the ability to retrieve that data and aggregate and categorise it in really meaningful ways,” Carn adds.

“In terms of what’s next for NextGen.Net, we play some of those cards close to our chest, but we’re currently kicking off an important change to our user interface and user experience.

We’re leapfrogging that to a market-leading state and rolling it out to the broader broker market, beginning with a pilot basis in September. It’s going to enhance integrations right across the journey, from a customer to a broker to a lender, and it also delivers a lot of operational and user enhancement, so it’s going to have a really big impact. Watch this space!” AB

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OPINION

RISKS AND REWARDS OF CO-BUYING A HOME With house prices falling, many Australians are considering getting into the property market. The idea of teaming up with a family member or friend is something many house-hunters consider – but is this a good idea or a risky move?

recently, house prices have been increasing year-on-year across many parts of the country. However, according to CoreLogic, property values fell by 0.5% in May, and experts predict that prices will drop further as demand (at current prices) continues to dry up.

Historically, many Australians have opted to share the financial burden of buying a home with another person in order to save costs and reduce stress.

There are legal and non-legal risks associated with buying a property with a family member or friend that all Australians should know about first. If your client has approached you for a loan with a view to co-purchasing a property, following are some risks and facts they need to keep in mind when navigating the property market with a family member or friend.

First, all purchasers need to be aware of their ownership rights. When buying a property with another person, Australians have two options. They can either be ‘joint tenants’ or ‘tenants in common’.

Buying a property as joint tenants limits what an owner can do with their share of the property. They can’t simply sell or bequeath their share of the property to someone else. As joint tenants, if you buy the property together, you sell the property together. If an owner passes away, that person’s share transfers completely to the other owner.

So, people should be aware that if one joint tenant wanted to sell and the other one didn’t, they would have to go to court to force the sale of the property.

On the other hand, tenants in common split ownership of the property. If one person owns 50% of the property, that 50% is theirs and they can do what they want with it – including selling their share at any time.

What people need to know is that, even if you own a property as a tenant in common, unless you agree otherwise you

have a right of occupation for the whole property. So, if one owner transferred or sold their share, the other person could end up owning and potentially living in the property with someone they may not otherwise have chosen to.

Before anyone considers buying a property with a friend or family member, it would be prudent to enter into a separate agreement about the mechanisms to be put in place if only one party wants to sell. This could include buying the other person out, having a say in who purchases the share, and so on.

UNTIL

clearly documented. If it is intended that the money will be repaid now or in the future, this should be set out in an agreement. There is also the option of registering the ‘loan’ (assuming it is to be repaid) on the title of the property.

For those who have been gifted money by a family member or friend to assist with a property purchase, and then they enter a relationship, their financial interest in the property can be further protected by entering into a financial agreement with their partner before living together. This type of agreement is intended to keep that

As joint tenants, if you buy the property together, you sell the property together.

If an owner passes away, that person’s share transfers completely to the other owner

Fiona Reid Founder and managing director, Reid Family Lawyers

It’s also important to ascertain each person’s liability if the co-owner defaults on the mortgage.

Generally, a mortgage is secured for the whole property, regardless of the relative ownership rights. So, if one party defaults on their mortgage repayments, the other party might be at risk of the bank foreclosing on the loan and seeking to sell the property. Buyers should take advice from a financial adviser or mortgage broker about the options available to protect their interests.

When it comes to handing over the deposit, couples are often ‘gifted’ funds by a parent to assist them in getting into the property market. If the relationship ends, the ‘gift’ may suddenly morph into a ‘loan’, which gives rise to added complexities in a family law dispute.

When going down the path of gifted funds, you should make sure everything is

property separate from any other assets acquired, should the relationship subsequently break down.

Meanwhile, if a couple decides to buy a property together, either as joint tenants or tenants in common, they should think about entering into a financial agreement as to how the property will be dealt with if the relationship breaks down, to avoid expensive and lengthy court proceedings down the track.

With property prices dropping, many predict that we are going to see a wave of Australians rush into the property market after being shut out for so long.

There is a window of opportunity to be capitalised on; however, I believe that all Australians looking to purchase a house or apartment with a family member or friend need to understand the legal and non-legal risks involved before diving into the world of property. AB www.brokernews.com.au

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NE WS ANALYSIS

A RISKY BUSINESS OR SAFE AS HOUSES?

It’s been a difficult year for property owners, with all aspects of the real estate industry impacted by the pandemic. Do the events of 2020 highlight just how risky property investing is – or are they just a bump in the road for an otherwise relatively secure asset class?

all heard the phrase “safe as houses”, and indeed, investing in real estate has long been considered a safe and secure long-term investment strategy, particularly for those who do their due diligence and locate goodquality properties in areas that are likely to grow in appeal and value.

That said, as with almost all areas of our lives, the coronavirus pandemic has entered the equation and turned everything we once knew to be true on its head.

With so much economic upheaval, together with hasty changes to legislation, which has tipped the balance of power in favour of tenants (at least during the pandemic), is real estate still a worthwhile investment?

According to property expert Michael Yardney, director of Metropole Property Strategists, the answer is a resounding yes.

Since the pandemic first began impacting our economy and way of life around six months ago, real estate values have “remained remarkably resilient”, he says – and while he believes property values are likely to fall further in certain segments of our markets, such as high-rise apartment towers and other secondary properties, there is no reason to have a doom and gloom outlook just yet.

“I started my property investment journey in the early 1970s, and I’ve lived through eight property cycles. I’ve seen property booms and periods when there was little growth for a number of years.

I’ve invested during periods when WE’VE

18

negative gearing was allowed and a number of years when it wasn’t,” Yardney says.

“I’ve borrowed during times of high interest rates – very high

forever. Property slumps, like the one we’re experiencing now, are temporary. However, the long-term appreciation of well-located properties is permanent.”

“Property slumps, like the one we’re experiencing now, are temporary. However, the long-term appreciation of well-located properties is permanent” Michael Yardney, director, Metropole Property Strategists interest rates – and now I’m paying the lowest interest rates in the last 40 years. And I’ve come to realise that neither booms nor busts last

Yardney adds that the idea that property prices are too high, and buying a property is unaffordable for first-time investors, is not a new one,

and has persisted since he bought his very first home decades ago.

“Back in 1973, around the time I bought my first investment property, the average weekly wage was $111.80, including full- and part-time workers, according to the Australian Bureau of Statistics,” he says.

“Today, a full-time worker makes on average $1,604.90 weekly before tax. Back then, just like today, there was a concern about how hard it was for first home buyers to get into the property market. I paid $18,000 for a house – I went halves with my parents and we received $12 a week rent. It was hard for first home buyers as well as property investors then, just as it is today.”

Yardney is careful to clarify that he does not wish to downplay the risks of investing in property.

There are many aspects of

CORELOGIC: INVESTOR MARKET STATS, AUGUST 2020

$7.1trn

$1.0trn

Value of residential property

Value of commercial real estate

$2.0trn

$2.7trn

Value of listed equities

Value of Australian superannuation

CoreLogic Quarterly Economic Review: The Australian Residential Property Market and Economy report, June quarter 2020 (released August 2020)

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Michael Yardney, director, Metropole Property Strategists

property investing that remain uncertain for landlords right now, particularly in Melbourne, where the state government has recently extended the deadline for noneviction of tenants until the end of the year. The ban on evictions and rental increases will apply to both residential and commercial tenancies and is “an important step in ensuring we help tenants and landlords get through the coronavirus pandemic and out the other side”, said Melissa Horne, Minister for Consumer Affairs.

However, Yardney says investors who shy away from investing now due to concerns about the performance of their property in the next few years may wind up regretting their decision.

“The economic slowdown caused by our government to control the coronavirus pandemic, plus rising unemployment and falling consumer confidence, is creating significant headwinds for our

property markets, so of course I can understand why some property buyers have ‘gone on strike’ while waiting for the picture to become clearer,” he says.

“But it’s important to keep a

Eliza Owen, head of research Australia, CoreLogic

His optimistic view of the real estate market’s resilience is reflected in recent research from CoreLogic. In its Quarterly Economic Review: The Australian Residential Property Market and

“The trajectory of the market is largely dependent on overcoming the current health crisis, which would allow the flow of people and economic activity to resume” Eliza Owen, head of research Australia, CoreLogic big-picture view and remember what has happened over the long term.

And consider this: who wouldn’t like to buy the property their parents bought 10 or 20 years ago at the price they paid back then?”

Economy report for June quarter 2020 (released last month), CoreLogic reveals that data is showing some encouraging trends in the performance of the national economic and housing market since

the onset of the pandemic.

“The impact of COVID-19 has been an enormous negative shock to the economy. However, housing market value declines were relatively mild over the June quarter. This is thought to be a function of record low mortgage rates, home loan repayment deferrals and various demandside government stimulus for owner occupier purchases,” the report states.

As a result, the decline in Australian dwelling market values was just 0.8% in the three months to June – far lower than anyone was predicting.

This decline was led by capital city markets, where values fell by 1.1% in the June quarter. Regional markets have been relatively resilient, actually increasing by a further 0.3% in the same period.

“There has been an emerging narrative of the high demand for regional dwellings as the pandemic www.brokernews.com.au

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has normalised remote work, with regions outside of the capital cities offering lower density and lowercost housing,” the report says.

“However, it is important to note that a large part of the relatively strong performance in regional areas could be cyclical. Regional markets can sometimes lag capital city performance, and although capital growth rates in regional Australia were still positive in the June quarter, many areas have seen a slowdown in capital growth rates since the March 2020 quarter.”

Overall, this latest research from CoreLogic reveals that the main impact of the pandemic on the dwelling market has not been value declines, but rather, social distancing and plunging consumer confidence have led to a sharp fall in transaction activity.

Eliza Owen, head of research

Australia at CoreLogic, says both property listings and sales volumes initially trended down significantly amid the Stage 2 restrictions (see boxouts), which were rolled out in late March.

“Sales volumes fell by over a third in the month of April; however, as restrictions eased and consumer confidence was partially restored in May and June, a strong rebound was observed across sales and listings,” she explains.

“Finance activity fell in the June quarter, which is understandable given the dip in transactions, while an increase in transaction activity over May and June signalled the start of a rebound in new lending. Refinancing activity amid record-low mortgage rates has also offset some of the decline in new home lending.”

Owen adds that the capital

city markets have shown some “interesting divergence” since the onset of the pandemic.

“Melbourne saw the sharpest decline in values of the capital city markets, led by declines in the Inner East and Inner regions.

Inner-city areas have been particularly impacted by the pause on international migration and an acute decline in employment across tourism and hospitality,” she says.

“Some smaller capital cities continued to experience an increase in dwelling market values over the June quarter. Adelaide, which has historically shown very little volatility, saw a 0.7% increase in values. The Australian Capital Territory dwelling [market] was also a relatively high growth market through the start of the pandemic in Australia, though

increases are largely concentrated across houses. Furthermore, the ACT rental market saw a decline in value, as lower-income household employment has been more impacted by the pandemic.”

Despite divergent performance, the renewed restrictions across Victoria are likely to put downward pressure on economic performance nationally, she adds.

“For this reason, it is anticipated that the housing market decline will become more broad-based in the second half of 2020,” Owen says.

“The trajectory of the market is largely dependent on overcoming the current health crisis, which would allow the flow of people and economic activity to resume.

A housing market recovery is unlikely until borders reopen and the labour market makes a consistent recovery.” AB

DROP IN NATIONAL PROPERTY LISTINGS

Number of new listings, national dwellings

Number of total listings, national dwellings

40,000

200,000 150,000

2016

2017 2019

2018 2020

2016

Aug

Jul

Jun

May

Apr

Mar

Dec

Nov

Oct

Sep

Aug

Jul

Jun

0 May

0 Apr

50,000

Mar

10,000

Feb

100,000

Jan

20,000

155,843

Feb

29,701

Jan

30,000

2017 2019

Dec

250,000

Nov

50,000

Oct

300,000

Sep

60,000

2018 2020

Source: CoreLogic Quarterly Economic Review: The Australian Residential Property Market and Economy report, June quarter 2020 (released August 2020)

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PEOPLE

Have an interesting deal?

Had a particularly difficult or interesting deal? Why not share it with us? Email:

sarah.megginson@keymedia.com

BIG DEAL Ending a relationship is tough enough without dealing with an asset split. This borrower, who was nearing retirement, faced the prospect of losing her home along the way – until she met mortgage broker Raj Ladher THE FACTS

Client Single applicant going through a separation

Loan size and term $284,000 over 30 years

Goal To release equity in order to buy ex-partner out

Location Mildura, Victoria

Aggregator PLAN Australia

was to extend her loan term to 30 years from its current 24 years. This was a deliberate strategy to keep her monthly loan repayments affordable.

However, this loan term also meant that the borrower would be liable to pay a mortgage well into retirement age.

In order to allay any of the lender’s fears, we provided a detailed analysis of the client’s exit strategy, which allowed us to overcome the main challenge: the lender being comfortable with the loan

THE SCENARIO

This was a brand-new client who contacted us after seeing our website – she was an online lead who clicked on our website and enquired.

Unfortunately, like many other Australians, the applicant was going through a difficult time, including a separation from her partner, who she jointly owned a property with. The goal was to be able to refinance her home loan into her name only and borrow approximately $50,000 extra to be able to buy out her ex-partner entirely and take complete ownership of the home.

This was an older applicant, so borrowing capacity was the main complexity, based on her current loan term and retirement age.

It was one of those situations that make you realise the ability we have as brokers to assist borrowers in getting an outcome that will positively impact the client’s life for many years to come.

The applicant had gone to her current lender, and she was advised that, due to her age, she would not be able to access any further lending, which is when she turned to us.

When she approached us, she thought her only option was to sell her home in order to split her assets with her now ex-partner. But she wanted to avoid selling the house at all costs, so we explored opportunities to be able to refinance and allow her to keep her home.

THE TAKEAWAY

The key takeaway is that you should get to know your client so you can gain a good understanding of their current circumstances and future requirements.

Increasing a loan term is not an easy call to make; however, by drilling down into the client’s exit strategy, it gave us comfort that it was the right decision.

With the client currently owning a five-bedroom home, downsizing to a smaller home or unit is a realistic exit strategy for some time in the future, which is an assessment the lender agreed with, and it made them comfortable about approving the loan.

Deals like this are very special. We are dealing with far more than just numbers on a page. People’s lives and circumstances can be dramatically impacted, depending on the solutions we arrange for them

THE SOLUTION

After a thorough analysis of the client’s current and future or projected circumstances, we decided the best option

Lender PLANLend (Advantedge)

to buy another home. This would have required her to rent for the foreseeable future, possibly forever.

This is one of those moments when being a broker really feels like we are able to make a difference, as we have now been able to assist this client is securing her home and ensuring a healthier financial future.

We also managed to get the client a fantastic rate that was locked in for five years, allowing her to manage her finances more effectively.

Raj Ladher Home loan specialist, Your Mortgage Broker

term, due to the applicant’s age. The exit strategy involved selling the property closer to retirement age and downsizing into a smaller home.

With this exit strategy clearly mapped out, the lender was comfortable that the client would have the capacity to repay, and we went straight to unconditional without any real concerns.

The ultimate outcome was that the client was able to remain in her property and buy out her ex-partner, something her bank initially told her was impossible.

The client’s only other option was to sell the property and split the proceeds of the sale, which wouldn’t have left her with anywhere near enough money

The client’s options essentially boiled down to selling the property now and renting, or selling the home closer to retirement age when their asset position would be much higher and they would have the ability to downsize to a smaller property.

Every loan that we get across the line is important in its own right, but deals like this are very special. They remind us that we are dealing with far more than just numbers on a page. People’s lives and circumstances can be dramatically impacted, depending on the solutions we are able to arrange for them. We are very pleased we were able to assist the client in achieving this outcome that allowed her to keep her home. AB www.brokernews.com.au

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TECH TRENDS

EMBRACING THE TECH REVOLUTION Historically, finance and real estate industries have had a reputation for being large, clunky, unmovable beasts that are slow to adapt to a more digitised way of operating. COVID-19 has changed all that – but it’s not the only driver of technological advancement

INTERNATIONAL FINTECH TRENDS, 2019

US$135.7bn Global investment in fintech companies

it comes to embracing

WHEN technology, the mortgage

and property industries are at the forefront of an entire new way of doing business.

It’s no longer breaking news that the industry has pivoted in a major way since the onset of the COVID-19 pandemic: the rate of technological change has been seismic, with the majority of banks and lenders either adopting or

accounting and legal – are embracing digital change.

For years, or perhaps even decades, the ability of those in the industry to serve with agility and to pivot direction and respond swiftly to opportunities and threats has been hamstrung by legacy systems that may have been the peak of efficiency and productivity 20 years ago but have failed to move with the times.

“The fact is, the stress, uncertainty and longevity of buying and selling property are just products of an outdated yet somehow accepted system” Robert Hoban, co-founder and CEO, Offr

US$12.9bn Fintech investment in the Asia-Pacific region

Source: KPMG International’s Pulse of Fintech H2 19: Global Analysis of Investment in Fintech

22

moving towards digital VOI and e-signatures.

This comes off the back of a gradual shift over the last dozen years or so, in which programs and platforms like DocuSign and Ezidox have made the process of compiling paperwork and getting documents signed much more streamlined.

But there are also a number of other ways in which real estate – and surrounding industries, such as financial services, broking,

Now there are multiple businesses emerging that are taking advantage of technological advances to streamline the way we do business.

One such example is Offr, a prop-tech platform that aims to digitise the buying, selling and leasing process for real estate agents and buyers. In August, Offr announced that it had raised $4.9m in seed funding led by Barclays in the UK. Launched around a year ago

with a goal to enable people to buy, sell, lease or rent a property with one click, Offr enables fast, digital property transactions, from offer to exchange, on any device, at any time and from anywhere in the world.

Property transactions have traditionally been restricted and weighed down by cumbersome paperwork, with no simple, fast and secure way of buying properties cross-border available.

Offr co-founder and CEO Robert Hoban, who has two decades of experience in buying and selling commercial and residential properties, says the platform aims to change this by making property trading possible to largely online, even internationally.

Hoban, who says the platform digitises over 85% of the process of buying and selling property for agents and their customers, launched Offr in the second half of 2019 and says he didn’t expect such fast growth; however, COVID-19 “changed the landscape completely”.

“It closed off real estate, so we’re bringing it online. I expected we’d be where we are today in five years’ time,” he says.

“We built Offr with a clear and simple goal: to change the way property is bought and sold, to make it faster, more transparent and more enjoyable for real estate agents, buyers and everyone else involved in the process. The fact

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Robert Hoban, co-founder and CEO, Offr

is, the stress, uncertainty and longevity of buying and selling property are just products of an outdated yet somehow accepted system, so we made it our goal to address these problems.”

Another example is the online property exchange network Property Exchange Australia (PEXA), which is part-owned by Commonwealth Bank.

First launched in 2011, the network has bolstered the capabilities of its digital conveyancing platform in recent years. CommBank CEO Matt Comyn has said the lender’s involvement as “a key stakeholder in PEXA since its inception” represents its “continued commitment to support the property industry as it transitions towards an innovative, fully digital settlements process that aims to provide improved experiences for customers”.

With so much change, how are

Kirsty Dunphey, director and mortgage broker, Up Home Loans

brokers and their borrower clients adapting and embracing it?

The pandemic has forced banks and lenders to adopt digital ways of doing business far more quickly than in the past, but some are arguing that they were behind the

to point the blame without self-reflecting first.

“If I said I found it frustrating that the banks took so long to evolve, I’d also have to look inwards and say that I was frustrated with myself on the

“Who’d have known how much more efficient it is to see a client via Zoom? And to be able to do it in Ugg boots? A revelation! Why didn’t I do this earlier? No idea” Kirsty Dunphey, director and mortgage broker, Up Home Loans eight ball and could have moved forward sooner.

That said, Kirsty Dunphey, director and mortgage broker at Up Home Loans, isn’t quick

take-up of things that we were forced into with the pandemic – so instead, I’m just grateful for the changes that have come about that have made my life easier

through this,” she says.

“Who’d have known how much more efficient it is to see a client via Zoom? And to be able to do it in Ugg boots? A revelation! Why didn’t I do this earlier? No idea.

I would stumble through phone or FaceTime appointments and as soon as we went to work-fromhome mode, I had Zoom running as part of our process immediately.”

Dunphey adds that the pivot to working from home has also turned out to be hugely beneficial to her business.

“Why was I so scared about letting my employees work from home when it turns out that many were just as if not more productive from home, with some [of my team members] saving significant travel time, which leds to them putting in some extra time just because they weren’t stuck in traffic?” she says.

“Every time I get frustrated at anything this pandemic has caused, I try to find the counterbalance. www.brokernews.com.au

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31/08/2020 12:41:53 PM

FE AT URES

Yes, there’s a lack of travel freedom, but there’s also an opportunity to finally explore my home state in depth. Home schooling has become an opportunity to see the bond between my two daughters grow even stronger. We’re all pivoting every day right now, and it’s hard and it’s challenging, but pointing the blame at banks isn’t the answer, and I’m just glad so many of them adapted so quickly to this new way of life.”

Looking ahead, Dunphey

“I’d also like to see DocuSign or electronic signatures accepted on every lender form for ease.

So many of my clients struggle to find a printer, especially when working from home.

“And I’d also love to see lenders all work towards the same sort of technology that some of the new lenders like 86 400 seem to be implementing to speed up assessment. With workforce interruptions, the speed of assessment right now is what

“We’re seeing the big Australian banks invest in fintechs both domestically and internationally, in order to move their own capabilities forward” Ian Pollari, global co-leader of fintech, KPMG International

Ian Pollari, global co-leader of fintech, KPMG International

believes there are plenty of opportunities to innovate and evolve further, with many areas of the business still open to being streamlined or evolved from a tech point of view.

“I hope for further streamlining of non-face-to-face identification and a one-size-fits-all method that every bank adopts, rather than needing IDyou for some, screen prints with one piece of ID for others, two pieces of ID for others still – the list goes on,” she says.

THE VALUE OF FACE-TO-FACE INTERACTION

 When it comes to things like lodging income

and expense statements with lenders, simple transactions could easily become automated

 However, more complicated scenarios and deals

would still need to be handled with a decent element of face-to-face interaction

 The role of the broker is all about guiding the

customer and being a partner and sounding board for advice, and that role is now more important than ever

 Technology can never replace trust, and trust is central to the broker offering  While tech changes are enabling many efficiencies, the role of the broker may evolve to become more integrated into financial advice

24

I find the most frustrating. It’s understandable but frustrating, and if we could use technology to speed that up it would be amazing.”

While 2020 has seen an epic rate of change when it comes to digital innovation, there will certainly be more to come, adds Ian Pollari, global co-leader of fintech at KPMG International, as many existing financial institutions invest in more tech-savvy ways going forward.

“We’re going to see [banks] around the world seriously reconsider their technology stacks and how future-proof they are.

This is going to include looking at their core banking and origination systems in the context of their overall strategy so that they can readily compete – with digital banks and emerging partnerships involving big techs and other scale providers,” he says.

“2019 has been a record year for fintech investment in Australia. We’ve seen some strong IPO activity from a diverse range of companies, like online lender Prospa, B2B fintech Tyro Payments, and consumer credit business MoneyMe … But it’s not just fintechs driving change here.

We’re also seeing the big Australian banks invest in fintechs both domestically and internationally in order to move their own capabilities forward.” AB

www.brokernews.com.au

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31/08/2020 12:42:22 PM

PEOPLE

CAUGHT ON CAMERA When aggregator FAST recently held its eighth annual Women in Business series, the program was delivered virtually due to COVID-19. Despite the digital format, the event attracted a strong turnout of business owners from both within and outside of the broking industry, as well as lenders and industry representatives from across the country. Brendan Wright, CEO of FAST, kicked off with an important question: “Is the modern workplace the problem or solution to Australia’s diversity issues?” He talked about the need for innovation in any modern business, with diversity being a driver of innovation. Other speakers included Nicole Devine, former NAB EGM of broker partnerships and current COO of tech start-up Versant, and Michelle Gallaher, an award-winning entrepreneur and advocate for women in science, technology, engineering maths and medicine (STEMM).

www.brokernews.com.au

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25

31/08/2020 12:43:25 PM

DATA

TASMANIA

QLD SPOTLIGHT

Hobart has led the decline in capital city rents over the June quarter According to CoreLogic, median rents in the Tasmanian capital dropped by 2.3% in the June quarter to $454, close to the record-high decline seen in September 2012 when rents fell due to weak economic growth and an uptick in unemployment.

National median rents fell by 0.5% in the same quarter. After Hobart, Sydney recorded the most substantial decline of 1.3%.

Capital cities have been bearing the brunt of the economic shocks arising from the COVID-19 outbreak. In fact, rents in state capitals declined by 0.7% in the June quarter, compared to a 0.2% rise in rents across regional markets.

CoreLogic said several rental demand factors, which have been affected by COVID-19, have contributed to Hobart’s decline in rents. For instance, the city’s workforce has significant exposure to its impacts in the accommodation, food, arts and recreation sectors. In fact, 12.7% of the workforce is employed in these sectors, higher than the 9% average across other capital city regions.

Area

Median

Quarterly

12-month

Weekly

Gross

price

growth

growth

median

rental

0.0%

7.5%

rent

yield

$450

4.7%

Metro (H)

$498,500

Metro (U)

$457,500

2.6%

7.7%

$395

5.1%

Country (H)

$345,000

2.5%

9.2%

$320

5.0%

Country (U)

$288,000

0.8%

1.9%

$270

5.2%

NEW SOUTH WALES

Investors appear to be losing interest in Sydney’s inner ring Matt Halse, local expert for NSW at Herron Todd White, has said investor activity seems to have slowed down substantially in Sydney’s inner ring, particularly in homogeneous medium- and highdensity areas such as Haymarket, Zetland and Forest Lodge. “This is largely driven by declines in rental demand pushing rents lower and therefore reducing overall returns,” he said.

In Zetland, for instance, the residential vacancy rate hit a record high of 6% in May, which dropped to 5.7% in June. Mascot also recorded a high vacancy rate of 7.4%, according to SQM Research.

The decline in rental demand in similar locations is pushing rents down, which ultimately impacts sale prices. This, however, creates an opportunity for first home buyers to break into the market.

Halse added that Sydney’s inner region would always benefit from its proximity to the CBD in attracting buyers and investors. The future Metro West and Metro City & Southwest lines would also make suburbs in the area more attractive.

Area

Median

Quarterly

12-month

Weekly

Gross

price

growth

growth

median

rental

rent

yield

Metro (H)

$960,000

1.6%

2.2%

$520

2.9%

Metro (U)

$730,000

1.0%

1.0%

$500

3.7%

Country (H)

$480,000

1.0%

4.0%

$400

4.3%

Country (U)

$410,000

0.0%

2.4%

$350

4.3%

26

TIGHT SQUEEZE IN RENTAL MARKET Queensland’s rental market is facing its tightest conditions since the GFC as vacancy rates continue to shrink 70% of Queensland’s rental markets have “extremely tight” conditions, according to the latest report from the Real Estate Institute of Queensland (REIQ).

The regional markets are also outperforming major metropolitan areas when it comes to rental demand.

REIQ CEO Antonia Mercorella said any further tightening of rental availability would place undue pressure on the state’s housing sector.

“This is why more needs to be done to better support both increased and ongoing property investor activity in the Queensland property market and the contributions they make to the state economy,” she said.

Around one in three people living in the state is renting, according to the REIQ report. With vacancy rates at their lowest, Mercorella said it would be hard for prospective tenants to find an affordable home.

ROUGHLY

In fact, 18% of Queensland regions have less than a 1% vacancy rate. Some of the lowest vacancies are in Maryborough (0.4%), Fraser Coast and Mount Isa (0.5%), Gympie (0.9%) and Rockhampton (0.7%).

Brisbane – the weakest market?

The state’s only ‘weak’ rental market can be found inside Brisbane’s 5km city circle, where the vacancy rate is at 3.9%. Significant postcodes have substantially higher vacancies.

Mercorella said the capital city had been hit harder due to the impacts of COVID-19, making it likely to see a drop in rents. This, in turn, would result in tenants eventually returning to Brisbane.

“However, much of it will also depend on the commercial and retail sector’s ability to rebound. It’s very much a ‘watch this space’ situation unlike anything we’ve ever experienced,” she said.

BRISBANE’S HOUSING MARKET PERFORMANCE, JULY 2020 Source: CoreLogic June 2020 Quarterly Rental Review

$555,284

-0.3%

4.2%

Median house price

Monthly drop in median house values

Gross yield for houses

$384,681

0.5%

5.2%

Median unit price

Monthly decline in median unit values

Gross yield for units

SUBURB TO WATCH: MERMAID BEACH Median price (houses) $1,38m

Median price (units) $442,500

12-month growth

3-year growth

Weekly advertised rent

Average annual growth

-1%

-1%

$625

2.5%

12-month growth

3-year growth

Weekly advertised rent

Average annual growth

1%

8%

$440

2%

www.brokernews.com.au

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31/08/2020 1:03:13 PM

AUSTRALIAN CAPITAL TERRITORY

The ACT has managed to record growth in dwelling values amid the pandemic Median property values in the ACT have increased by 1.3% since the end of March. Eliza Owen, head of residential research at CoreLogic, said that while this could be viewed as an anomaly given the overall downtrend, it was actually just the result of a record-low cash rate.

“RBA research has noted that reductions in the cash rate typically increase property values over time, because debt becomes cheaper and purchasing capacity increases,” she said.

Owen added that it was likely the market had also “been buoyed by the relative stability in employment across sectors where workers are on higher incomes and are more likely to be homeowners or prospective buyers”.

Australian Bureau of Statistics figures show that the number of jobs in finance and insurance in the ACT has increased 0.7% since the start of the pandemic. However, the ACT’s labour market for accommodation and food services has seen the largest decline of all states and territories.

Area

Median

Quarterly

12-month

Weekly

Gross

price

growth

growth

median

rental

rent

yield

Metro (H)

$705,000

1.1%

4.2%

$570

4.3%

Metro (U)

$440,000

1.0%

2.6%

$470

5.6%

WESTERN AUSTRALIA

Perth has seen a substantial improvement in sales since the recent low in April

HIGHEST-YIELD SUBURBS IN QUEENSLAND Suburb

Property

Gross

Number

Median

Quarterly

12- month

type

rental

sold

price

growth

growth

Average annual growth

yield MOURA

H

12%

33

$120,000

1%

2%

1.8%

CHARTERS TOWERS CITY

H

11%

19

$115,000

-4%

16%

-4.9%

HOLLOWAYS BEACH

U

11%

28

$144,000

10%

-11%

-3.2%

EAST INNISFAIL

H

11%

14

$140,000

-7%

-10%

-4.1%

MUNDUBBERA

H

11%

19

$144,000

1%

-10%

-0.2%

MOUNT MORGAN

H

10%

50

$102,500

-7%

21%

-3.0%

HERMIT PARK

U

10%

22

$125,000

0%

-17%

Sales activity in the Perth metro was up by 68% in July, driven by both dwelling and land sales, according to the Real Estate Institute of WA (REIWA). This growth in sales has pushed the market back up to levels recorded pre-COVID-19.

Five suburbs reported substantial gains in sales over the month. Byford led the uptrend with 92% growth, followed closely by Port Kennedy with 88%. Quinns Rocks, Heathridge and Banksia Grove registered up to 50% sales growth in July. But land sales were the standout at 121% growth compared to their recent low in April. House and unit sales also went up by 58% and 51% respectively.

Damian Collins, president of REIWA, said the number of listings in the Perth metro had also increased in July, indicating homeowners’ rising interest in selling amid the pandemic. “With the increase in sales activity, it is good to see a slight increase in the number of listings for sale, which demonstrate those who were considering selling their property are looking at the favourable market conditions and choosing to now sell,” he said.

Area

Median

Quarterly

12-month

Weekly

Gross

price

growth

growth

median

rental

-5.3%

HOME HILL

H

10%

32

$118,500

-1%

4%

-6.2%

EDMONTON

U

10%

25

$135,000

0%

-7%

0.2%

QUEENTON

H

10%

14

$129,500

8%

-19%

-4.0%

Metro (H)

$462,000

Metro (U) Country (H) Country (U)

rent

yield

$370

4.1%

-1.0%

-2.1%

$339,000

-1.1%

-3.7%

$335

4.8%

$320,000

-1.5%

-1.5%

$350

5.6%

$176,250

-3.4%

-10.0%

$300

7.9%

www.brokernews.com.au

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27

31/08/2020 1:03:33 PM

DATA

NORTHERN TERRITORY

Alice Springs remains a strong investor market despite a drop in sales Roughly 53% of homes in Alice Springs are rentals owned by investors, surpassing the Australia-wide figure of 30.9%, according to Will Johnson, local expert for the NT at Herron Todd White. “Many of these properties are tightly held given the good rental returns and lack of incentive to sell, taking into consideration the recent history of minimal or negative capital gains,” he said.

The high share of investment property in this area could reflect a transient population who prefer the flexibility of renting. The typical investor profile is an individual or couple who either currently live in Alice Springs or have, at some stage, lived in Central Australia. However, Johnson pointed out that the lack of capital gains and the “sheer isolation” of the place could be key reasons why others were reluctant to invest in this area. He said the town was not an attractive location for would-be investors who had no connection with the area.

Over the June quarter, sales of detached homes in Alyce Springs declined by 11%, while unit sales rose by 11.1%.

Median

Quarterly

12-month

Weekly

Gross

price

growth

growth

median

rental

rent

yield

Metro (H)

$480,000

-0.8%

-5.1%

$450

5.0%

Metro (U)

$268,500

-3.3%

-9.4%

$350

6.3%

Country (H)

$395,000

-0.4%

-2.7%

$480

6.1%

Country (U)

$323,500

0.3%

-4.4%

$364

6.3%

Total auctions

38

Cleared

22

Uncleared

16 57.9%

Clearance rate

PERTH Total auctions

18

Cleared

3

Uncleared

15 16.7%

Clearance rate

Median

Quarterly

12-month

Weekly

Gross

price

growth

growth

median

rental

rent

yield

Houses

Units

$900,000

Sydney Melbourne Brisbane

Adelaide

Perth

Darwin

$445,000

$692,500

$425,000

$515,000

$373,000

Hobart

$260,000

$0

$376,000

$100,000

$450,000

$200,000

$328,500

$300,000

$462,000

$500,000 $400,000

$367,500

$600,000

$510,000

$700,000

$550,000

$800,000

$655,250

Melbourne hosted 298 auctions over the second weekend in August. While the city’s auction volume was down from the preceding weekend, the proportion of successful sales increased significantly, from 55.1% to 73%. Eliza Owen, head of residential research at CoreLogic, said the lower withdrawal rates in the city relative to the previous lockdown in April could have contributed to the higher clearance rates.

“The preliminary collection indicates only 18% of Melbourne auctions were withdrawn from the market that week, compared with a peak of 65% through the second week of April,” she said.

Melbourne’s Inner region was the busiest of the subregions, hosting 47 auctions. However, the region with the highest share of successful transactions was the Inner South, where 85.3% of 41 auctions pushed through to a sale.

Owen added that the adoption of online sales methods had made real estate agents and auctioneers more prepared to pivot towards a virtual auction environment.

Canberra

CAPITAL CITY HOME VALUE CHANGES Capital city

Weekly change

Monthly change

Year-to-date change

12-month change

0.0%

-0.5%

1.8%

10.6%

-0.3%

-1.2%

-1.6%

6.6%

Brisbane

0.1%

-0.2%

1.0%

3.8%

Adelaide

-0.1%

0.0%

1.3%

2.6%

-0.2%

-0.4%

-1.4%

-2.5%

-0.1%

-0.6%

0.4%

6.9%

Sydney Melbourne

Metro (H)

$741,500

1.2%

3.6%

$420

3.0%

Metro (U)

$590,000

1.8%

8.4%

$410

3.7%

Perth

Country (H)

$380,000

0.3%

5.8%

$340

4.6%

Combined 5 capitals

Country (U)

$300,000

1.7%

10.1%

$280

4.9%

28

ADELAIDE

MEDIAN HOUSE AND UNIT PRICES

Despite the lockdown, Melbourne’s auction clearance rate is increasing

Area

There were 1,082 capital city homes taken to auction this week, a slight increase on the 1,046 homes auctioned the week prior. According to preliminary results, 64.7% were successful – a minor improvement on last week’s preliminary figure of 64.3% (later revised down to 58.4%).

The last few weeks have seen both the clearance rate and number of homes taken to auction stay relatively steady, with volumes at around the 1,100 level and final clearance rates in the mid- to high-50% range. Auction performance across the two largest capitals has been quite varied as Melbourne continues to navigate the lockdown restrictions, resulting in lower levels of activity and higher withdrawal rates, while Sydney’s volumes have trended higher over the past few months and consistently higher year-on-year. In Melbourne, preliminary results show that only half of the homes taken to auction this week were successful, down on last week’s preliminary figure of 63.6% (final 53.7%). In Sydney, 632 homes were taken to auction, with a preliminary clearance rate of 71.9% – an improvement on last week’s preliminary figure of 67.8% (final 61.9%).

$635,000

VICTORIA

WEEK ENDING 24 AUGUST 2020

$795,000

Area

CAPITAL CITY AUCTION CLEARANCE RATES

*The monthly change is the change over the past 28 days

www.brokernews.com.au

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31/08/2020 1:04:26 PM

BRISBANE CANBERRA Total auctions

41

Cleared

36

Uncleared

Total auctions

54

Cleared

26

Uncleared

28 48.1%

Clearance rate

5 87.8%

Clearance rate

SYDNEY Total auctions

495

Cleared

356

Uncleared

139 71.9%

Clearance rate

TASMANIA

MELBOURNE Total auctions

183

Total auctions

1

Cleared

92

Cleared

1

Uncleared

91

Uncleared

1

Clearance rate

Clearance rate

50.3%

SOUTH AUSTRALIA

Area

n.a.

Median

Quarterly

12-month

Weekly

Gross

price

growth

growth

median

rental

rent

yield

Stable property values despite a dip in sales reflects buyers’ willingness to pay premium prices According to the Real Estate Institute of SA (REISA), the state’s median price increased by 0.5% in the June quarter, with the apartment segment posting a gain of 5.49%.

However, only 3,526 homes settled across the Adelaide metro, down from the previous quarter and the same quarter last year. Suburbs with the highest price growth were Glenelg East, Somerton Park and West Beach. Blackwood, McLaren Vale and Salisbury Heights also registered significant price increases.

REISA president Brett Roenfeldt said the decline in sales could indicate the hesitance of some sellers and buyers who were still waiting to see how the impacts of COVID-19 would play out. “However, the median price is also clearly showing that purchasers are still willing to pay premium prices for properties that are realistically and transparently priced,” he said.

Metro (H)

$470, 000

1.1%

2.2%

$380

4.2%

Metro (U)

$342,000

0.1%

-0.6%

$325

5.0%

Country (H)

$270,000

0.0%

1.9%

$270

5.1%

Country (U)

$220,000

1.2%

3.7%

$200

4.9%

Source: Except where otherwise stated, all data sourced from CoreLogic, August 2020

NICK YOUNG: TRAIL BOOK SALE EXPERT Sell your trail book in part, or in full.

Release working capital. Keep your clients.

03 8508 6666 | 0417 392 132 | nyoung@trailhomes.com.au | trailhomes.com.au www.brokernews.com.au

26-29_AB1717_Housing_Market_Data_SUBBED.indd 29

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31/08/2020 1:04:46 PM

PEOPLE

Aggregator: Choice

IN THE HOT SEAT

Embracing a philosophy that you should always surround yourself with people who challenge you to learn, grow and succeed, finance broker Evelyn Clark from Accession Finance believes in the mortgage industry’s ability to positively impact people’s lives

What do you enjoy most about being a mortgage broker?

At the age of 22, I realised what I loved most was working directly A with clients, and I took the opportunity to start my own business to achieve this greater long-term vision. As my time in the industry has grown, so too has my desire to share my ever-expanding knowledge.

Not only am I able to provide a service that supports my clients in achieving their financial endeavours, but I am grateful to also help educate the wider community. I’ve always enjoyed challenging myself, and a career in mortgage broking has provided ample opportunity to work in an environment that combines problem-solving, customer service and empowering clients to achieve their successes.

Q

As a female in finance, do you feel supported and equipped to succeed – or is there still room for improvement in terms of women being represented, promoted and respected?

I initially entered the industry as a loan processor and was A given the opportunity to shadow an incredibly proficient female broker. This formative experience, for which I am forever Evelyn Clark, finance broker, Accession Finance grateful, provided a crucial understanding of residential and commercial broking, as well as a female role model who was both a successful broker and a business owner. Having grown up playing a broker, what has surprised you the most about this Q As golf and working in the golf industry, I was accustomed to seeing others’ industry? disbelief when I revealed my chosen sport. This primed me to not was pleasantly surprised to learn how generous the vast majority of A Ibrokers internalise adversity as a young female when I did step into the finance and related services were in imparting knowledge to others, field – but I have felt incredibly supported and respected in the industry. despite essentially being ‘competitors’. It was inspiring to see that the industry operates to share knowledge and build professional and commercial relationships for the benefit of industry workers and consumers.

Why do you think mortgage brokers add so much value to the Q consumer’s experience of getting a loan?

I entered the industry, I was surprised to identify a major gap advice or tips do you have for other women in broking Q What A When in financial knowledge between the industry and its consumers. and finance?

This was particularly noticeable among millennials – the next generation Surround yourself with positive, inspiring people and industry A experts. of buyers and business owners – whose practical financial literacy skills Additionally, my experience has taught me that, were strikingly lacking. Having recently completed a degree in finance, regardless of your intrinsic level of confidence, you must embrace your I harnessed this realisation, which now underpins my broking philosophy to future self as if you have already made it. As you begin to embody this empower and educate clients, business owners and the community at large. successful leader, true confidence will soon follow. AB

Q

30

www.brokernews.com.au

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31/08/2020 1:05:58 PM

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