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In the latest episode of Broker Daily Uncut, host and Broker Daily director Alex Whitlock was joined by Finni brokers Costa Arvanitopoulos and Rebecca Carlson to discuss early-year inquiry trends, shifting investor focus, and the lender policy settings influencing borrower behaviour.
While conditions remain uneven across markets, all three agreed that inquiry levels suggest buyers are moving from observation to action, particularly among investors who used the holiday period to reassess strategy.
“It seems to be a quick start to the year,” Carlson said and noted that inquiry levels had been strong at brokerage Finni.
“People have had time over the holidays to work out what their plans are and they’re jumping straight on them.”
Melbourne re-enters the conversation
Much of that early interest is coalescing around Melbourne, despite the city’s recently subdued performance in headline data.
Cotality figures have shown that alongside Sydney, Melbourne’s house prices slipped by 0.1 per cent for the month of December, marking their first month-on-month decline since early 2024.
However, Arvanitopoulos said brokers are seeing increasing inquiry for Victorian assets, particularly at the more affordable end of the market.
“I’ve got a few clients that are looking to invest this year and a lot of them are mentioning Melbourne now,” Arvanitopoulos said.
“It’s going to be interesting to see where they’re looking to invest in Melbourne because it is such a large metropolitan area. By the end of the year, I think it will be on the top of pretty much every buyer’s agent’s list.”
Both brokers noted that Brisbane and Perth continue to record strong growth, despite having already experienced significant price rises.
Carlson said: “I was actually in touch with an agent in Perth the other day and they said that everything’s still selling for overs. So there’s still supply and demand, they’ve got buyers on their lists.”
Broker Daily recently reported that the housing supply in Perth has fallen to record lows, despite surging demand.
However, while properties are still selling above expectations, Whitlock cautioned that investors need to know when the momentum peaks.
“You see it in hindsight,” Whitlock said. “Things sell for overs, then they slow, then they stop, and then they reverse.”
Even so, the group agreed that opportunity still exists across markets, provided buyers are selective.
Whitlock added: “I think even with markets that have stalled, there’s still good opportunity. It just means you’ve got to do your research. There can be strong yields and capital upside, but equally, even in a market that’s destined for growth, you can still make a bad investment.”
Trust lending tightens
Alongside renewed buyer interest, lender policy changes are increasingly shaping investor behaviour, particularly in the trust lending space.
Since October 2025, major banks have been tightening their trust lending policies, with some lenders pulling back from retail trust lending altogether.
Most recently, non-bank lender Firstmac tightened its policy in January 2026 for company and trust applications. Firstmac will now only accept home and SMSF loan applications where the trustee is a corporate entity. New loans with individual trustees will no longer be considered.
Speaking on the podcast, the brokers said the change reflects growing caution among lenders around how trust structures are being used, particularly where multiple negatively geared properties are involved.
“I think from a lender’s point of view, the concern and some of their pullback are in regard to default levels,” Carlson said.
“They’re worried about people buying five properties in five different trusts, all negative, and not having the cash flow to support it.”
Carlson noted, however, that this concern is largely preventative rather than reflective of widespread stress.
“There are some issues in the market, but I don’t think it’s a grave concern,” she added.
LMI opportunities
Brokers also noted that lenders mortgage insurance (LMI) was again being used as a strategic tool rather than a last resort, particularly for investors and SMSF borrowers with strong serviceability, but limited deposits.
Rather than waiting to reach a 20 per cent deposit, some borrowers are choosing to pay LMI to enter the market sooner, weighing the upfront cost against potential capital growth.
Arvanitopoulos said that for investors, LMI is always a part of the conversation.
“We deal with a lot of investors, they see the value in paying LMI,” Arvanitopoulos said.
“You might pay $7,000 or $8,000 in LMI, but you could save far more by not paying overs a year later.
“There is that fraction of people that don’t like it because they’re asking, ‘What am I paying the money for?’ But because we deal with a lot of investors, they see the value in it. No one wants to pay money for no reason, but if the value is clear, people are willing to do it.”
Whitlock added that LMI presented a tight space for investors, as any loan would have to have a capital uplift large enough to offset the additional expense.
He added: “It’s a really interesting space to be in as a broker because you have to have a focus on the best outcomes for the buyer.
“Sometimes they may want to try and spread themselves wafer thin because they just want to get what they want to get and so they’ll take any option available. But it’s quite a delicate balance, of when to recommend a product that can be an enabler and when to kind of warn against stepping outside of your depth.”
[Related: Brokers shift toward non-major banks]