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Research released by Mortgage Choice today confirms the value first home buyers place in mortgage brokers.
According to the broking group’s First Homebuyer Survey, brokers are the preferred first point of contact for mortgage advice among first home buyers, with a majority 29 per cent of the 1,012 respondents choosing brokers as their preferred first port of call.
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This was followed by the internet at 18 per cent, lenders at 17 per cent and parents at 15 per cent.
“The lack of knowledge demonstrated by most borrowers highlights the importance of reputable loan consultants being a more useful resource for information, tips and a broader view of the mortgage maze, than just one lender, family member, friend or the internet,” said Mortgage Choice senior corporate affairs manager Kristy Sheppard.
The survey also confirmed that the number for first time buyers preparing to enter the market has soared off the back of low interest rates, low property prices and government incentives.
Concerns about lower LVRs and deposit requirements hindering the first home buyer market also appear ungrounded with just 8 per cent of respondents planning to purchase their home without a deposit.
A significant 28 per cent said they had saved between $10 and $30,000 while 18 per cent had saved a substantial $30 to $60,000, and 18 per cent had up to $10,000.
