Having access to a local branch is becoming less important to potential home buyers, new research has found.
According to a recent poll by Loan Market Group, only 8 per cent of respondents believed branch access was imperative to the home loan experience.
Speaking about the results, Loan Market’s chief operating officer Dean Rushton said there is an opportunity for smaller banks and non-banks to compete with larger players in areas where they don’t have a local branch.
“Consumers conduct their own research on lenders or consult brokers before they even consider stepping into their local bank branch to seek a loan,” he said.
“When choosing a lenders’ product, particularly for consumers in regional towns, people are now aware that while they may only have one or two local branches the options to access their accounts are far more extensive.
Mr Rushton said the survey revealed that internet access had become more important than branch access.
“This certainly comes as no surprise, the amount of technology which is now available to consumers’ means that people expect top tier online banking services,” he said.