Major consumer survey on taking out a home loan opens

The survey also asks borrowers whether they prefer a bank or a mortgage broker to assist them with their home loan application process.

The results will be used to produce the annual Consumer Access to Mortgages Report, a whitepaper that is used to inform policymakers, regulators, and Australian borrowers on the quality of service provided by mortgage brokers and lenders.

Survey participants will go in a draw to win a $500 Visa gift card, with one lucky respondent to be named as the winner at the end of the survey period.

The survey is completely anonymous and is open to all consumers, including those who have never secured a mortgage.

The survey closes on Sunday 30 April 2023.

Momentum Intelligence director Michael Johnson commented that it is critical to assess borrowers’ experiences with their mortgage brokers in the current economic environment as they face mounting challenges, including rising cost of living.

“The Reserve Bank of Australia has lifted the official cash rate to the highest level since 2012 to 3.35 per cent and banks have been following suit and lifting their rates. Moreover, many borrowers are poised to come off their fixed rates this year, which could result in a substantial increase in loan repayments,” he said.

“In this environment, it is essential for brokers and lenders to hold their clients’ hands and provide guidance. We want to know how borrowers have been feeling, how they rate the customer service of both brokers and lenders, and which of these two channels they preferred to use during their home loan application process.”

The Consumer Access to Mortgages Report was first launched in 2019 in response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry to unearth the experiences of consumers and the implications for Australian borrowers of any changes made to the current remuneration of mortgage brokers.

Now in its fifth year, the report explores the experiences of Australian consumers (including those who have never secured a mortgage) to better inform industry stakeholders on the behaviour, expectations, and experiences that drive the decisions of consumers when accessing housing finance.

To complete the survey and find out how you could go in the draw to win a $500 Visa gift card, click here.