Finance advice

Buyers warm to mortgage brokers

By webmaster

More than 60 per cent of Australians would consider using a mortgage broker, new research has found.

According to the latest Mortgage Choice Consumer Sentiment Survey, 61 per cent of the 1061 respondents polled said they would “consider using a mortgage broker in the future”.

Of that 61 per cent, 34 per cent said the number one reason for using a broker was to “save me from researching a range of lenders for myself”.

Interestingly, of the respondents surveyed, 24 per cent did not understand what a mortgage broker did, while 12 per cent were unsure.

Mortgage Choice senior corporate affairs manager Kristy Sheppard said it was hoped incoming regulation would change this statistic and help consumers understand a broker’s role moving into the future.

“I believe national regulation will have a powerful influence on mortgage broker usage. It’s been a long time coming.

"Today, around 40 per cent of all new Australian home loans are sourced by brokers. Hopefully this will rise to 50 per cent and beyond in the near future, as the industry better promotes itself and consumer perceptions of a mortgage broker’s role and value proposition improve,” Ms Sheppard said

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