2 in 3 buyers use brokers for their mortgages

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About two in three buyers have used mortgage brokers in their search for a home loan that meets their needs.

Mortgage & Finance Association of Australia (MFAA) and CoreLogic research found mortgage brokers facilitated 66.9% of all new residential home loans between July and September 2021.

This recent figure is higher than the previous record of 60.1% reached in the same quarter last year.

Growth in the share of mortgage loans issued by brokers reflects $ 93.4 billion worth of loans settled in the quarter, an increase of 62.5% on an annual basis.

MFAA CEO Mike Felton said continued client referrals are driving growth for brokers, demonstrating the positive policy changes being made across the industry.

“This market share is a fitting recognition of an industry that has implemented significant reforms that continue to boost consumer confidence in the mortgage brokerage industry,” he said.

Interestingly, these strong results from the brokerage segment coincided with the prolonged lockdowns in New South Wales and Victoria.

“Not only do mortgage brokers provide consumers with choice, experience and convenience, they now offer an unparalleled best interest obligation that further differentiates our channel and provides another compelling reason to use the services of Mortgage Brokers. a mortgage broker, ”Felton said.

In addition, the growing share of mortgage loans granted by brokers reflects the impact of improved lender rotations in the broker segment.

“This result also reflects improved third-quarter lender approval times and highlights the type of broker market share that can be achieved when lender turnaround times for business brought by brokers are less stifled, ”Mr. Felton said.

Photo by Towfiqu Barbhuiya on Unsplash.


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