New insights into the financial wants and needs across the generations show just how valuable a broker is.
Mortgage brokers have a hand in over half of all Australian home loans – and, if trends continue, this figure is likely to rise. ING’s My Generation Report found that young buyers are the most likely generation to turn to mortgage brokers for help, and more than half would turn to a financial advisor. So why is Gen Y (aged 24-38) and Z (aged 16-23) placing so much trust in the middleman? Here’s a look at a broker’s key benefits:
Brokers can find a better product and deal for you
As part of their research, ING asked millennials about their financial worldview and key monetary priorities. Unsurprisingly, both generation Y and Z named ‘getting and keeping a foothold in the property market’ as a key issue, as well as building savings and learning about budgeting and managing cash flow. These can make finding the right home loan deal important.
Mortgage brokers provide unique knowledge, experience and lender networks to young buyers. They take the time to understand your personal financial situation, objectives and credit worthiness to find better deals than you could find yourself.
For example, many home loans will offer initial low ‘honeymoon rates’ that seem attractive, but quickly revert to higher rates after a set timeframe. Aussie Brokers use sophisticated software to compare thousands of loans, and they look at the fees, charges and conditions to find you the right option over the long-term. They can then negotiate on your behalf to achieve even better deals.
Location, location, location
While a general (but not tailored to you) overview of home loan deals can be vetted to some extent online, ‘at least 60% of Australians across all generations prefer face-to-face advice’, according to the My Generation Report.
Mortgage brokers are available to talk through your loan options at a location and time that’s convenient to you – whether that’s at your office or coffee shop, or even after business hours. Consider the time saved scrolling through Google.
Making a home loan negotiation a digital experience
Travel a lot or just prefer to speak about your financial situation in the comfort of your pj pants? Despite a preference for face-to-face advice, the same ING report found that Gen Z tend to be ‘more open to receiving advice through multiple channels’.
Whether it’s via email, phone, FaceTime or Skype, Aussie brokers can help you find the right home loan options from the convenience of your own home.
Get your questions answered – quickly
Brokers not only help you find a home loan, they also stay in contact following the purchase of your home. After all, circumstances do change – be it a new job, a baby on the way or just an unforseen expense.
The My Generation Report found that Gen Y and Z prefer constant contact with their broker, checking in with their adviser monthly or even weekly. Older generations are lucky to give their broker a buzz once per year.
Aussie brokers offer the benefit of constant support. They’re available to field questions, renegotiate terms on your behalf and provide advice on how to tweak your home loan to your needs.
Have you weighed up who you want to talk to about a mortgage? Why not make a free appointment with an Aussie Broker today?