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The latest Bankwest/Mortgage and Finance Association of Australia (MFAA) Home Finance Index has revealed that people who use mortgage brokers are more satisfied with their home loan than those that deal direct with a bank and non-bank lender.
According to the Index, more than 900 borrowers were asked to rank their satisfaction with mortgage brokers.
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Overall, mortgage brokers scored 7.3 out of 10, up from 6.9 in last year’s index.
“There is a perception that mortgage brokers take the effort out of sourcing a loan and have a broad understanding of the loan market,” MFAA CEO Phil Naylor told Mortgage Business.
Respondents were asked why they favoured mortgage brokers over banks and non-bank lenders; 73 per cent said it was because they ‘did the leg work’, while 68.9 per cent said it was because they have a ‘wider loan range’.
Mr Naylor said the overall satisfaction levels for banks and non-bank lenders have experienced declines since the height of the global financial crisis last year.
“It would appear that recent economic uncertainty had impacted upon public perceptions of the financial services providers,” he said.
“This survey serves as a reminder that consumers have more choice than ever and that brand loyalty is hard won in this competitive environment.”
