Mortgage markets will work better for you if you have a mortgage broker
Residential loans are being settled every day, every hour and every minute. More than half of these loans involve mortgage brokers, therefore it is little wonder they have become a focus of scrutiny within the financial sector in recent times. The benefits of a broker are numerous – with a report from Deloitte Access Economics finding that brokers help drive competition, increase consumer choice, and lead to ‘better service levels and competitive mortgage pricing’.
Key findings from the report include:
- Mortgage brokers drive competition and support Australian home buyers and investors. This is done through the provision of improved access to lenders other than the big banks and their affiliates. Using panels of lenders, brokers bring added choice for all consumers.
- The mortgage broking industry has contributed to a fall in the net interest margins of lenders by more than 3% in recent years.
- Mortgage brokering contributes billions to the Australian economy each year, and supports more than 20,000 full time equivalent jobs.
- Mortgage brokers depend on developing and more importantly maintaining strong customer relationships. Research has indicated that more than 90% of consumers are happy with their existing mortgage broker and more than 70% of broking business is derived from existing (repeat) customers.
Please click here to read Deloitte’s full article on how the mortgage broking industry contributes to the needs of customers, lenders and the broader economy.
Book an appointment with our Lending Specialists, Jayden Chen or contact us today on (03) 9835 8200 to review and discuss your lending and banking needs.