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Mortgage brokers may have some work to do in terms of attracting first home buyers with a new survey revealing they tend to rely largely on the advice of family and friends rather than industry professionals.
The RAMS First Home Buyer Pulse Check, released today, shows that more first home buyer business could be up for grabs for brokers who can convince first home buyers to enlist their services.
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According to the survey of 463 first home seekers, 75 per cent of respondents said family was their key source of advice while 59 per cent said they would turn to friends.
Only 23 per cent of respondents said they would turn to a mortgage broker.
RAMS head of brand and marketing Lynne Wyatt said buying a first home could be a daunting experience and “these figures confirm that first home seekers really don’t know who to trust or where to start when they are new to the market”.
