Flexibility, speed and BDM accountability most important to brokers – PMA survey finds

We’ve already made some process changes (including reducing the number of documents requested) and we’ll be making more in the near future to ensure we’re hitting these benchmarks for every application.  

We have also recommitted to our Guaranteed Response Time of 4 hours from when an application is submitted via our Quick App online form. Our "Quick Yes/No" remains a standout feature that helps you manage client expectations immediately.

What You Want From BDMs

We asked what brokers value most in a private lender BDM and the top responses were ‘showing initiative in moving a deal all the way through to funding’ and ‘being available to talk when you contact them about a scenario’. 

Reading these results was great to see as this is something we’ve been doing for quite a while. Our frontline team is made up of ‘Relationship Managers’ instead of ‘Business Development Managers’ because it is their role to maintain contact with the broker and borrower from the very beginning of the lending process all the way through to settlement. It’s not their job to get you in and then palm you off, they’re there from go to woah. This approach is why 71% of respondents rated our Relationship Managers as ‘Good’ or ‘Excellent.’

Difficult Applications the Biggest Frustration

When asked what the main frustration was when dealing with private lenders the top response was ‘difficult application process’. 

We’ve listened to this feedback and immediately made changes to our processes. For instance, we are actively streamlining our documentation with the introduction of eSignature documentation. This will allow documents to be reviewed and signed completely online which helps speed up the approval process. We’re also taking a look at the application form and trying to make the first contact with us simple and intuitive. 

What’s Missing?

We also asked what areas brokers feel are underserviced in the private lending market and the two top responses were ‘true no-doc loans’ and ‘lending on regional security’. We feel we’re well placed to be able to offer both of these things to our broker partners. As mentioned above we’ve reduced the number of documents requested as part of the application process and we’ve also been increasing the number of loans we’ve been settling with regional property as security. With our own mortgage fund we are not restricted by individual investor sentiment or warehouse fund restrictions.

At Private Mortgages Australia, we believe that the best way to move forward is to listen.  It was rewarding to see from the results of the survey that our core mission, providing fast, flexible funding, is hitting the mark. We also know that true progress means acknowledging where we can do better. We didn’t just look at the high scores; we took a deep dive into the areas where you feel we can improve. 

We heard that while the initial "yes" is fast, the transition to the formal Letter of Offer (LOO) can sometimes feel like it loses momentum. We also noted your requests for more intuitive digital tools and better communication will help you present solutions to your clients more effectively.

Our Commitment to You

Our goal is maximum customer satisfaction. We aren't just looking to be another lender on your panel; we want to be the most reliable tool in your kit.

As we roll out these improvements over the coming months, we invite you to keep the conversation going. Your insights allow us to innovate, and your support allows us to grow.

Thank you for helping us to better understand what brokers want.