Investors increasingly look to brokers
Investors are increasingly looking towards brokers to help secure their loans, according to new research.
Data from the Australian Bureau of Statistics shows that, of all loans, mortgage brokers were responsible for 42 per cent of those written, compared to just 25 per cent 10 years ago.
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The data saw mortgage brokers and aggregators being the source of $23.4 billion worth of lends during the March quarter, with an annual total nearing $100 billion.
Mortgage and Finance Association of Australia chief executive Phil Naylor said the information shows that brokers are popular among many different groups of buyers.
“Not only are they helping first home buyers enter the market, as well as investors, but they promote greater customer choice and competition in the market,” Mr Naylor said.
“Consumers are choosing brokers in the rapidly changing market, in which there is now a blinding array of mortgage products.”
“We expect that the mortgage broker share of the market should expand further this year,” he said, indicating that investors might see broader loan offerings.
The data was generated looking at 17 of the leading mortgage broking and aggregating groups across Australia, covering 95 per cent of the market.
