Three in every ten Australian home buyers are seeking the services of a mortgage broker, data from Mortgage Choice and CoreData’s new Evolving Great Australian Dream 2018 whitepaper has shown.
Across all age ranges, 28.2 per cent of all home buyers saw a mortgage broker first when they purchased a home or investment property, up from 16.2 per cent last year.
The highest usage came from those age 45 and under, with 43.5 per cent of Australians between 25 and 45 seeing a mortgage broker first when buying a property, up from 30.1 per cent last year.
On the other hand, the proportion of consumers seeing their current financial institution first dropped from 60.7 per cent to 44.2 per cent, the data showed.
“For many Australians, the first point of contact in the home buying journey is the lender they currently bank with, but our data shows that the use of mortgage brokers continues to rise,” Mortgage Choice spokesperson Jacqueline Dearle said.
“Compared to a financial institution that can only offer a particular home loan product, a mortgage broker has access to an extensive panel of lenders, so they can compare from a wide choice of mortgages.”
Dearle said she expected the popularity of mortgage brokers to continue to be robust among Australian home buyers.
“As our data has shown, consumers know and see value in what brokers have to offer in providing choice, better customer service and expert credit advice,” she said.
“Consumers also know that at the end of the day, they are getting a competitive home loan product that is tailored to their unique set of circumstances and goals.”