Mortgage brokers continue to be a trusted source of independent help when it comes to housing and property finance.
The latest report from the Mortgage & Finance Association of Australia (MFAA) shows that the latest March 2018 quarter saw the largest market share and dollar value of loans settled since data collection started in 2012.
Australian mortgage brokers settled $46.1 billion in the quarter which represented 55.3% of all home loan deals settled.
So with more than 1 in 2 Australians choosing to seek help from a mortgage broker, it’s clear the trend is here to stay.
The growth can be attributed to referrals from satisfied broker clients and the fact that brokers are a source of independent help in a time where trust in the banking sector is at an all time low.
Justin Smith, Principal of Smartline Rockingham said that most of the clients he receives are from word of mouth.
“We don’t need to advertise excessively. What we find is that if we treat customers the right way, they’ll keep coming back for good deals on their home loan and they’ll tell their friends and family to come in too,” Smith said.
The report’s findings are especially interesting given the recent uncertainty in the banking and finance sector. The royal commission into banking and financial services may be triggering some customers to seek support from brokers rather than going directly to the big banks.
“The data demonstrates that consumers continue to prefer brokers when seeking a home loan,” MFAA CEO, Mike Felton said.
“At a time when confidence in the entire financial sector is in question, customers continue to flock to mortgage brokers, which in my view is a clear reflection of the positive customer outcomes being produced,” Mr Felton said.
Smartline Rockingham encourages people living in Rockingham and surrounding areas to make an appointment to see if they can be saving money on their home loan. You don’t have to be buying a property to use a mortgage broker.
Many existing homeowners find that they are paying too much interest and could save thousands by refinancing. Refinance your home loan now with Smartline Rockingham.
Source: Mortgage & Finance Association of Australia