Mortgage Brokers Trusted More Than Ever
The Mortgage broking industry has spent the last decade establishing itself confidently as the trusted home loan option of Australians, and the MFAA’s most recent industry report cements it, as mortgage brokers hold a record high of 76% of the market! [1]
What Does This Mean?
Now more than ever, Australians are coming to mortgage brokers for their finance needs over the banks. At the end of 2024 mortgage broker market share sat just below 75%. Now, mortgage brokers have confidently crossed that threshold, writing approximately 3 out of 4 loans.
The comprehensive service mortgage brokers provide extends to homeowners looking for a way to meet mortgage repayments during uncertain economic landscape.
“We know this is driven by a broad range of reasons, such as understanding when and how to refinance or opportunities to seek a better rate on their existing mortgage.” MFAA chief executive Anja Pannek said.
This statistic came before the Reserve bank of Australia’s significant rate cut decision in February, just in time for the market to heat up again.
Why Do People Trust Brokers More?
There are several reasons to use a broker over a bank.
- Brokers have a Best Interest Duty to their clients. They’ll do what’s the right choice for you by law. No kickbacks from lenders and no under the table deals for the broker to make more money. No such obligation exists for the banks.
- Using a mortgage broker provides you access to several lenders and products, not just the products offered by a single bank
Join the 3 in 4 Australians who use a mortgage broker for their finance needs! Contact your local MoneyQuest broker today for personalised and professional credit advice.
Disclaimer:
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