Mortgage brokers have notched up a new personal best, with seven out of every 10 new mortgages settled thanks to their help! It’s a sure sign that mortgage brokers are delivering the goods when it comes to helping Australians move into their dream homes.
In the nine months to 31 March 2023 (while interest rates were rising), mortgage brokers helped settle more than 70% of all new residential home loans, according to the latest data from the MFAA.
It’s the first time ever that brokers have helped settle more than 70% of home loans over a three-month-plus period.
For context, just two years earlier brokers were helping settle between 50-60% of new home loans.
So why are more Aussie home buyers turning to mortgage brokers?
For starters, it looks like word is getting out about how much help we can provide when it comes to giving you an informed choice with your home loan.
And in this environment of higher interest rates, it’s important to be sure your home loan offers value.
With a wide network of lenders – including big banks, small banks and non-banks – brokers are well-placed to help you choose the loan that’s right for you.
It doesn’t end there, though. Here are five more reasons why Australians are turning to brokers for help.
1. Brokers do the legwork
There are hundreds of home loans to choose from. But who’s got the time to find a loan that suits your needs?
Your broker does.
Better still, your broker does a lot of the legwork, sorting the paperwork and supporting your loan application right through to settlement.
That lets you sit back, relax, and focus on moving into your new home.
2. We’re flexible
You’re busy, right? That’s why brokers offer flexible appointment times.
Want to chat after hours? No problemo.
Prefer to chat online rather than face-to-face? Can do.
It may seem like a minor benefit, but the flexibility brokers offer is a big deal when you’re flat out with work, family, or just busy house hunting.
3. Brokers provide tailored facts
Brokers provide clear details to help you make informed decisions.
From your borrowing power, to how much of a deposit you really need, and what your loan repayments will be under various scenarios, we’ll crunch the numbers based on your unique situation.
It takes the guesswork out of buying a home and lets you plan ahead.
4. No additional costs and a best interests duty
It often comes as a surprise that a broker’s home loan help comes at no cost to their clients. That’s because brokers are paid a commission by lenders.
Rest assured though that unlike the banks, we’re (happily) bound by a best interests duty that means we’ll always put your best interests first.
So while banks and digital lenders might try to tempt you with cashback offers for loan products that may not really be in your best interests (due to fees, high interest rates, and other undesirable loan terms), we’ll only ever try to match you up with lenders and loans that are in your best interests.
5. Brokers keep working for you over the long term
Chances are you’ll have your home loan for quite a few years.
We’ll be with you along the way to help make sure your home loan continues to be the right option for you, no matter how your life changes.
So call us today to see why more Australians than ever are partnering with a broker.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
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