Metrics Monthly | October 2020 | AU Edition

Mortgage applications surge following lockdown pause

Combining this solution with Lending- Metrics’ ADP means that it can offer immediate decisions on loan applica- tions, ensuring a smoother experience for both it and its clients.’ He added: ‘This is the first time we have provided such end-to-end capabilities to a single client. We’re committed to drive the industry forward during this histor- ically challenging time. This type of col- laboration, with a forward thinking busi- ness like IN-SYNC, is the first of many, as we strive to cater for customers’ needs in a fast-moving marketplace.’ Rob Buckland –Director of Credit Finance at IN-SYNC Credit Services said, ‘We rec- ognise that customers of today expect real-time, convenient services, tailored specifically to their needs. Therefore, the key to driving an efficient finance offering is an end-to-end automated infrastruc- ture, made possible by platforms provid- ed by Quotevine and LendingMetrics. The key priority for IN-SYNC Credit Services in 2020/21 is to optimise this digital-first platform to engage new business oppor- tunities, maximise existing opportunities and retain clients through exceptional customer service. The infrastructure will enable us to scale our business in a controlled and insightful way, utilising business intelligence to make commer- cial decisions and launch new innova- tive products that meet the needs of the market in which we operate.’ David Wylie – Commercial Director at LendingMetrics commented, ‘Lending- Metrics’ award-winning ADP has become the “go-to” enterprise decisioning solu- tion in the credit industry and we count public and private companies as well as banks amongst our client base. It has been exciting to work with Quotevine to deliver this ground-breaking project for IN-SYNC and we look forward to seeing them leverage the enormous capabilities the platform has to offer’.

Research by consumer credit reporting firm Experian forecast- ed A$396bn of mortgage lending in 2020 in the UK, following mort- gage application increases of 25% year-on-year for both August and September. The data suggests that 1.2 million mortgages will be agreed this year, at a value of A$396bn. Whilst this is down on 2019’s A$459bn of lending, this is still a positive prediction, fol- lowing the pause in the market caused by the COVID-19 lockdown earlier in the year. The research also shows that 1.9 million mortgage accounts were subject to an Emergency Payment Holiday as a result of the financial difficulties lenders are facing due to the pandemic. Now, with theUK’sStampDutyholiday in full swing, a surge of mortgage applications suggests buyers are hoping to take advantage of Chancel- lor of the Exchequer’s scheme, as well as rethinking about where they might

want to live in an era of increased working from home. Mortgage broker Just Mortgag- es is just one company seeing the increases in demand. The broker saw a record month in September, with a 40% increase on applications compared to last year. John Phil- lips, national operations director for Spicerhaart and Just Mortgages, said: ‘This is a really great time to be a broker. The volume of people looking to move house is higher than anyone may have expected it to be’. With the post-lockdown boost, it is now more important than ever for lenders to ensure homebuyers only borrow what they can afford to repay in the long-term. Whilst affordabil- ity is not a new focus, it now plays an essential part in lenders making responsible decisions, and will con- tinue to be at the forefront of mort- gage lending for some time to come, if not forever.

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