It’s official: You’re onto a winner!
The benefits of using a mortgage broker really do stack up according to a new report.
The inaugural Value of Mortgage Broking report from respected analysts Deloitte Access Economics, reveals why using a mortgage broker is a smart move.
The report, which looks at every aspect of the mortgage broking industry, concludes that “mortgage brokers make mortgage markets work better”. And we mainly do it by fostering competition in home lending.
Around one in four home loans organised by mortgage brokers are arranged through smaller lenders, which could have a tough time competing without the backing of brokers. This level of competition benefits all Australian home buyers and investors by ensuring you have a wider variety of loans and lenders to choose from.
What does this mean for you?
Plenty. Plenty of savings that is. According to Deloitte, over the past 30 years mortgage brokers have helped push down lenders’ home loan interest margins by a massive 3% (take a look at the graph below).
It means that variable interest rates across all types of lenders have dropped substantially. And that adds up to more affordable home loans.
The numbers say it all
Borrowers are voting with their feet, with more Australians now choosing a mortgage broker for help arranging their home loan than going direct to lenders. In fact, brokers settle more than half (55.7%) Australia’s residential home loans including almost one in four first home buyer loans.
But it’s not about safety in numbers.
We also tick plenty of boxes for customer satisfaction. The report said more than 90% of customers say they are happy with their mortgage broker’s performance and here at Aussie, we’re happy to say that our average satisfaction rating of surveyed customers is 9.5 out of 10.
According to Deloitte, “The service and quality of advice offered by a mortgage broker has clear value for consumers.”
Mortgage brokers can provide multiple benefits
The report even highlights the key areas where mortgage brokers can add value: Personalised service, convenience, flexibility, accessibility, guidance and advice.
And those are exactly the benefits you need when it comes to a major decision like choosing a home loan. A wrong decision could cost you thousands, while the right decision could see you owning your home sooner and saving a lot of money along the way.
All Aussies reap the rewards
When you partner with a mortgage broker, you’re teaming up with an expert who has an average of 14 years industry experience.
Better still, you’re also supporting a local small business – and that’s good for all of us. As an industry, mortgage broking contributes $2.9 billion to Australia’s economy and supports more than 27,100 jobs. That’s hard to argue with.
There you have it. A stack of good reasons why a mortgage broker should be your go-to expert for your home loan.
If you’d like to read the Deloitte report for yourself, you can find it here.
If it’s been a while since you checked up on your home loan, call your Aussie Broker for a chat.
Call to arrange a free appointment. Our knowledge costs nothing but it can help you find the right home loan faster and easier, and that sort of peace of mind can be priceless.