Brokers Help Settle a Record 7-In-10 New Mortgages
Mortgage brokers have notched up a new personal best, with seven out of every 10 new mortgages settled thanks to their help! This is a sure sign that mortgage brokers are delivering the goods when it comes to helping Australians move into their dream homes.
According to the latest data from the MFAA, in the nine months to 31 March 2023 (whilst interest rates were rising), mortgage brokers helped settle more than 70% of all new residential home loans.
It is the first time ever that brokers have helped settle more than 70% of home loans over a three-month-plus period. For context, just two years earlier, brokers were helping settle between 50-60% of new home loans.
For starters, it looks like word is getting out about how much help we can provide when it comes to giving an informed choice with your home loan. And in this environment of higher interest rates, it is important to be sure your home loan offers value.
With a wide network of lenders, including big banks, small banks and non-banks, brokers are well-placed to help you choose the loan that is right for you.
It does not end there. Here are five more reasons why Australians are turning to brokers for help…
There are hundreds of home loans to choose from, but who has got the time to find a loan that suits your needs? Your broker does!
Better still, your broker does a lot of the legwork, sorting the paperwork and supporting your loan application right through to settlement. This lets you sit back, relax and focus on moving into your new home.
You are busy, right? That is why brokers offer flexible appointment times. What to chat after hours? No problem. Prefer to chat online rather than face-to-face? Can do.
It may seem like a minor benefit, but the flexibility brokers offer is a big deal when you are flat out with work, family, or just busy house hunting.
Brokers provide clear details to help you make informed decisions. From your borrowing power, to how much of a deposit you really need, and what your loan repayments will be under various scenarios, we will crunch the numbers based on your unique situation. It takes the guesswork out of buying a home and lets you plan ahead.
It often comes as a surprise that a broker’s home loan help comes at no cost to their clients. That is because brokers are paid a commission by lenders.
Unlike the banks, we are (happily) bound by a best interests duty which means we will always put your best interests first.
So, while banks and digital lenders might try to tempt you with cashback offers for loan products that may not really be in your best interests (due to fees, high interest rates, and other undesirable loan terms), we will only ever match you up with lenders and loans that are in your best interests.
Chances are that you will have your home loan for quite a few years. We will be with you along the way to help make sure your home loan continues to be the right option for you, no matter how your life changes.
Call us today to see why more Australians than ever are partnering with a broker.
A: Mortgage brokers have achieved a new milestone by helping settle over 70% of all new residential home loans in the nine months leading up to 31 March 2023.
A: Australians are increasingly seeking the expertise of mortgage brokers due to their ability to provide informed choices, especially in an environment of rising interest rates, ensuring home loans offer value.
A: Brokers assist in finding a loan that suits the buyer's needs, handle the legwork of sorting paperwork, and support the loan application through to settlement, allowing buyers to focus on moving into their new homes.
A: Brokers offer flexible appointment times and are willing to communicate through various means, including after-hours chats and online consultations, accommodating the busy schedules of their clients.
A: Brokers provide clear, tailored information based on the client's unique situation, including details about borrowing power, deposit requirements, and loan repayment scenarios under various conditions.
A: Surprisingly to many, a broker's home loan assistance typically comes at no cost to the client, as brokers are paid a commission by the lenders.
Phone: 1300 855 022
Zippy Financial is an award-winning mortgage brokerage specialising in home loans, property investment, commercial lending, and vehicle & asset finance. Whether you are looking to buy your first home, refinance or build your property investment portfolio, the team at Zippy Financial can help find and secure the right loan for you and your business.
Louisa Sanghera is an award-winning mortgage broker and Director at Zippy Financial. Louisa founded Zippy Financial with the goal of helping clients grow their wealth through smart property and business financing. Louisa utilizes her expert financial knowledge, vision for exceptional customer service and passion for property to help her clients achieve their lifestyle and financial goals. Louisa is an experienced speaker, financial commentator, mortgage broker industry representative and small business advocate.
Connect with Louisa on Linkedin.
Louisa Sanghera is a Credit Representative (437236) of Mortgage Specialists Pty Ltd (Australian Credit Licence No. 387025).
Disclaimer: This article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This article is not to be used in place of professional advice, whether business, health or financial.
Shifting Tides in Mortgage Brokering: Beyond the Big 4 Banks
It Pays for Financial Planners and Brokers to Work Together
The Role of Banks and Brokers in Offering Best Interest Advice
Comparison Rate calculated on a secured loan amount of $150,000 for a term of 25 years. WARNING: This Comparison Rate is true only for the example given and may not include all fees and charges. Different terms, fees and other loan amounts might result in a different Comparison Rate. Fees and Charges Apply. Terms and Conditions are available on request.