Why Brokers Are Like Rooftop Solar

We have it good in Australia. Customers can get a broad array of choice of lenders and loans via their brokers for best value and best fit. Globally, we are towards the home loan leading edge of process integration, digitisation, efficient ID verification, income validation, and streamlined credit and approval processes. Settlements are much more reliable today, with only some discharge processes that still take at times a few too many business days. Contrast in the UK: the lawyers still correspond using letters with wet signatures and most of the big banks effectively outsource this function of the loan process to the customer/broker to liaise with a panel of approved lawyers. Typing, signing and sending letters, back and forth, across the UK is at a snail's pace vs what we have in Australia with emails, electronic forms, e-titles, and digital signatures. We do some things really well here vs our counterparts overseas.

Look at the utter sensibleness and success of our rooftop solar. Federally, Australia devised incentives and an accreditation scheme that combined the skills and functions of a licensed electrician and a roof plumber. Customers choose their installer (c.f. lender) and the brand, type of panels and equipment they want (c.f. loan product) and several years on we are leading the world approaching 40% of homes nationally with rooftop solar. A new and thriving industry was created employing thousands of people as part of a push towards renewable energy and lowering household costs in the medium term. It doesn't get enough of the good press it deserves! Well, it still has a long way to go to catch brokers at over 75% of home loan origination…