Borrowers who use mortgage brokers are more satisfied with their home loan than those who don’t, new research has found.
According to the eighth MFAA/Bankwest Home Finance Index survey, 67 per cent of respondents felt they got a better home loan deal from a broker than a bank.
MFAA chief executive Phil Naylor said the research had revealed that borrowers liked using brokers because they are knowledgeable and have access to a wide range of lenders.
Experience was also a strong indicator, with 30 per cent of respondents saying brokers are more experienced than lenders, up from 24 per cent last year.
“Borrowers also like the fact that brokers do most of the hard work for them,” Mr Naylor said.
The survey found that the overall proportion of consumers understanding the benefits of using a broker is at its highest level at 36 per cent, while awareness of their services is at 79 per cent.