Mortgage hunters look online
Phil Naylor
Homebuyers are turning to the Internet for their main source of information on mortgage products, a new survey has found.
The latest Mortgage Industry Association of Australia/BankWest Home Finance Survey found 62 per cent of those surveyed considered the Internet the most beneficial source of information about mortgages.
BankWest head of broker sales Phil Colton said the bank had seen an increase in the number of online mortgage applications during the last year, but most still came through bank branches.
“This points to the fact that home buyers, while using the Internet for research, still want to talk to a broker or financial institution when they apply for a mortgage,” he said.
“Brokers are now dealing with a more educated homebuyer, and this can only be a good thing, as the clients are more likely to choose a mortgage that suits their needs.”
Mortgage Industry Association of Australia chief executive officer Phil Naylor said the next most popular source of information on mortgages was family and friends (59 per cent).
“While there are good internet sites, and they can save time in the initial stages of shopping around for a mortgage, the client should still go to a mortgage professional to find a product that best suits their needs,” he said.
Recommended for you
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
Michael McCorry, chief investment officer at BlackRock Australia, has detailed how investors are reconsidering their 60/40 portfolios as macro uncertainty highlight the benefits of liquid alternatives.
Having reset its market focus to high-net-worth advisers, Praemium’s administration solution has been selected by Bell Potter in a deal that increases the platform's funds under administration by $6 billion.
High transition rates from financial advisers have helped Netwealth’s funds under administration rise by $3.7 billion in the fourth quarter of FY25.
