The recently launched “bankless” business overdraft offered by non-bank lender GetCapital is an example of new products finance brokers need to be aware of and be recommending to clients, according to the Finance Brokers Association of Australia (FBAA).

FBAA managing director Peter White AM says the lending market is changing rapidly and the big banks are no longer the primary go-to source for loans and mortgages.

“Finance and mortgage brokers have access to products that consumers and the business market don’t know about, so it’s our role to make sure we understand clients’ needs and make the most informed and appropriate recommendations that are in their best interest,” he said.

“Brokers who are still “order-takers” will be left behind as both the market and consumer expectations change.”

Mr White said that brokers must know the options available to all customers across all products including mortgages, motor vehicles, capital equipment and business loans.

“Some of the greatest innovations are happening in areas like business lending, and this is also a way to grow our market share.”

He also encouraged banks and other lenders to offer a greater range of products.

“Brokers are looking for products that meet the needs of clients, so it’s also time for lenders to look beyond what they have traditionally offered.

“I want to congratulate GetCapital and look forward to other companies bringing new products into the marketplace, so that customers’ needs can be serviced even better.”