Majority believe mortgage brokers make getting a mortgage easier
October 31, 2019 at 11:42 AM
The vast majority of Australians believe the home loan application process to be a negative one, but two-thirds believe that using a mortgage broker makes getting a home loan easier, new research from Aussie has found.
The findings come in Aussie’s new Cutting through the Home Loan Crap report, which saw more than 2,000 Australians surveyed by Lonergan Research between 28 June and 7 July 2019.
Notably, the vast majority (84 per cent) of borrowers said they believed there were benefits to using a “home loan expert (e.g. mortgage brokers)” throughout the home loan process, largely due to their knowledge of bank processes and legislation, understanding of “how to get the process done faster” or because “they know the way to get [the borrower] the best deal”.
Moreover, 68 per cent of Australians agreed that using a mortgage broker makes getting a home loan easier, with younger adults (Gen Z, Millennials and Gen Y) more likely to agree that brokers make the mortgage process easier than their older counterparts.
When asked what they believed were important elements of a good home loan experience, 9 out of 10 respondents said “having consistent help” through the process was important (88 per cent), as was “having someone who can simplify the complexity” (87 per cent) and “knowing someone is across all the current regulations, procedures and processes” (87 per cent).
A similar percentage also stated that it was important to “be able to talk to someone early”, have “access to home loan experts”, or “work with someone who has direct local knowledge” in order to have a good home loan experience.
More than three-quarters of Australians said it was also important to have “someone who can just take control and manage it for me”.
For more information visit: https://www.theadviser.com.au/breaking-news/39496-majority-believe-brokers-make-getting-a-mortgage-easier?