A new survey has revealed the reasons Australians in today’s economic environment like turning to mortgage brokers.
The Mortgage Choice survey of 1,000 people using a mortgage broker had the vast majority of respondents saying it was the expertise of their broker that was the drawcard.
Broker expertise was the motivation for 83 per cent of respondents, with 71 per cent also turning to their broker because they thought it would mean getting better value on their loan.
A further 55 per cent wanted a broker in their corner to give them the confidence and ability to get their loan secured.
Interestingly, in some of the demographic breakdowns, among borrowers who had three or more properties, well over half of those were driven to use their mortgage broker to help with complex loan deals.
When it came to older borrowers, the main driver was the securing the loan element, whereas with the younger borrowers, it was more about guidance through the purchasing process.
Mortgage Choice CEO Anthony Waldron spoke to Broker News about the findings.
“As people progress through the home buying journey, there’s a clear need to talk to someone with expertise about their financing options,” he said.
“Customers can feel confident a broker’s knowledge and nous will find the right loan, as well as make the loan application a smooth and less stressful experience.”
The survey showed that customers expect their mortgage broker to get them a competitive interest rate, great deals, provide expert knowledge and to do most of the footwork in the loan application.
“They also believe using a broker will help them save time and will increase the likelihood of having their loan approved,” Mr Waldron told Broker News.
“Understanding borrowers’ expectations goes a long way to help deliver quality customer service – which in turn will help create a successful broking business.”