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A survey has found higher levels of confidence among property owners who have used a mortgage broker.
New research released by mortgage brokerage Resolve Finance has found a “positive correlation” between confidence levels among property owners and the use of mortgage brokers.
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The survey assessed the confidence levels on a scale of 1 to 5, 1 being “not confident at all” and 5 being “extremely confident”, and found that of the respondents who had engaged with a broker, 17 per cent expressed complete confidence in navigating the mortgage market.
Meanwhile, 9 per cent of “DIY” borrowers expressed complete confidence and 8 per cent of those who chose to stick with their current lender without exploring other options indicated the same.
Resolve Finance managing director Don Crellin highlighted the role of brokers in giving borrowers guidance and support: “Mortgage brokers play a crucial role in helping clients navigate the intricacies of the mortgage market.
“They provide personalised advice, access to a wide range of lenders, and a comprehensive understanding of the current market conditions.”
Additionally, the survey found that 16 per cent of borrowers are opting to stay with their current lender in an uncertain interest rate environment, which according to Resolve Finance, has emphasised the need for an increased awareness around the benefits of seeking out mortgage brokers for assistance to help negotiate with their lender should they chose to do so.
The research also found a lack of confidence among young borrowers in their ability to traverse the mortgage market in an uncertain interest rate environment.
According to the survey, 44 per cent of home owners under the age of 35 expressed confidence in navigating the mortgage market, compared to 68 per cent of respondents aged 55–64 and 76 per cent over the age of 65 reporting high confidence in their mortgage decision-making abilities.
"The survey results underscore the challenges faced by younger home owners in navigating the complex mortgage market, especially in times of uncertain rate movements,” Mr Crellin added.
“It is heartening to see that those who engage the services of a mortgage broker exhibit higher levels of confidence in making informed decisions.”
Overall, the survey found that 51 per cent of home owners indicated they felt “very” or “extremely” confident in their ability to make informed decisions regarding their mortgage.
The brokerage has encouraged home owners to explore the services offered by mortgage brokers in order to improve their confidence and decision-making skills.
[RELATED: Increase in FHBs planning to enter the market: Resolve Finance]
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