Recent research has found that borrowers who use mortgage brokers to source their loan are more satisfied with the service provided and their end loan product than those who source their home loan through the banks.
Brokers Beat Banks with Better Home Loans
In these findings 67% of respondents felt they got a better home loan deal from a broker than they would have received if they used a bank. This largely comes down to the extensive knowledge that mortgage brokers have on a wider range of products, where as the banks only focus on their own loan products. Therefore the banks may offer you their most suitable loan for you; however this is not to say that it’s the best product on the market, as you may have been able to go elsewhere and secure yourself a better interest rate, or the exact terms you wanted in your loan.
Experience was a strong indicator in the survey, with 30% of respondents saying mortgage brokers are more experienced than bank lenders, which is up from 24% just last year. Borrowers also like the fact that brokers do the majority of the hard work for them, which means the borrower can spend less time researching the current products that are on the market, as their mortgage broker will already be well aware of what’s around to offer clients.
The survey found that the overall proportion of consumers understanding the benefits of using a broker is at its highest level ever at 36%, while awareness of the services a mortgage broker offers is at 79%.
If you would like to let someone else do the long research and hard work for you, then make an enquiry with the Australian Lending Centre today by completing the form to your right, or simply call us on 1300 138 188 and speak with a loan consultant today.