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Mortgage brokers gain ground with homebuyers

The authoritative Australia-wide 2005 MIAA/BankWest Home Finance Survey has found that a growing proportion of potential homebuyers are likely to use a mortgage broker to help them find the right mortgage deal.

Since last year's survey brokers have moved past credit unions into second place to banks as the key movers behind a loan.

The survey indicated a noticeable increase in people's intentions to use a broker, while attitudes toward other sources of home loans were little different to last year's survey - 56 per cent would consider a broker.

Mr Mark Reid, Head of Retail Sales at BankWest, says that the increasing public awareness of the benefits of brokers was no surprise for his organisation. "BankWest has always supported the broker channel because we see it as an alternative path for customers to come to use, said Mark.

"Brokers provide an important service for those customers who don't have time to shop around for themselves. They help take away some of the legwork.

This insight is borne out by the survey, which shows that 72 per cent of survey respondents believed a broker would save them time in deciding on a house loan. Similarly, 69 per cent felt brokers provide a valuable service when arranging a mortgage.

It also appears that consumers are increasingly well-informed about using brokers, as respondents believed there are other benefits of using the service of mortgage brokers. Fifty-six per cent took the view that using a broker would help them get the best interest rate. A majority of people also agreed that using a broker would increase their chances of having a mortgage application approved, guarantee they get a suitable mortgage, and cut down the paperwork.

Loan Choice is more than happy to confirm the accuracy of these well-founded beliefs!