Login
ISCOVER
Staff Reporter
Mortgage brokers are now recognised as being the best group from which to get the lowest interest rate home loan deals, according to new research.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
The Commonwealth Bank of Australia/MFAA Home Finance Index found that 39.7 per cent of respondents believe brokers are now the best group to provide the lowest rate for a home loan, compared with 39.1 per cent who believed banks provide the best deals, followed by credit unions/building societies (16.5 per cent) and non-bank lenders.
Commonwealth Bank executive general manager, third party and mobile banking, Kathy Cummings said the broker proposition remains very strong in the market.
“There is an increase in the number of consumers who are prepared to choose a mortgage broker for their home loan, particularly those in their twenties or thirties,” she said.
The national survey of people across Australia shows cross selling still presents a great opportunity for brokers, with more than 25 per cent of respondents reporting that they were receptive to obtaining insurance, business lending, personal loans and car loans through a mortgage broker.
“The survey shows that mortgage brokers are now well accepted by all homebuyers and investors, beating the banks in preference to who would deliver them the best home loan deal,” MFAA chief executive Phil Naylor said.
“The survey also points to great opportunities for brokers over the next year, with 48.8 per cent of first home buyers believing now is a good time to buy a new home, while there has been a 50 per cent jump in people likely to be in the market for a home loan over the next 12 months.”
