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New data shows that Aussie home buyers are increasingly looking towards mortgage brokers to help them borrow.
New data from Mortgage Choice and CoreData’s Evolving Great Australian Dream 2018 whitepaper revealed that 28.2 per cent of home buyers saw a broker first when they purchased property.
This is over 10 percentage points up from last year, where only 16.2 per cent saw a broker.
The data also reflected a decline in people seeing their current financial institution, from 60.7 per cent to 44.2 per cent.
Mortgage Choice spokesperson Jacqueline Dearle said that trends showed the continuing rise of mortgage brokers.
“We have seen a 12 per cent jump in the proportion of property buyers seeking the services of a mortgage broker for their home loan needs, which is an encouraging indication that consumers are seeing great value in what brokers have to offer,” the spokesperson said.
Ms Dearle said that in an increasingly competitive market, brokers could save many borrowers time and money by doing the hard yards for them.
“Mortgage brokers can save borrowers time, hassle and possibly money by finding a suitable solution for their individual financial situation and goals and taking the legwork out of the application process,” Ms Dearle said.
The data found that brokers were most popular among those aged under 45, with almost 43.5 per cent of under 45 seeking a broker, up from 30.1 per cent the previous year.
Among the states, Western Australia favoured brokers the most, with 36 per cent of buyers seeking a mortgage broker, followed by New South Wales at 30 per cent.
Ms Dearle said that mortgage brokers will continue to see their popularity rise among Aussie home buyers.
“Whether someone is just starting out on their property journey, or they have purchased property before, the lending environment is increasingly complex, and on top of that, Australians are increasingly becoming time-poor,” Ms Dearle said.
“With many benefits to be had, I would expect consumer demand for mortgage brokers to remain strong in the coming years.”
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