Mortgage brokers account for approximately half of all mortgages originated for both new home loans and refinanced home loans.
A recent survey by Earnest & Young commissioned by the Mortgage and Finance Association of Australia (MFAA) has revealed that mortgage brokers are the most trusted when it comes to arranging your finance.
Customers value their broker experience and lenders see more engagement going forward. Therefore the proportion of broker originated mortgages could peak to as high as 60%.
Lenders have acknowledged that the mortgage broker industry has disrupted the mortgage lending market by providing a proposition centred on a leading customer experience combined with transparency on lender product and service.
This is a proposition that lenders, by their own admission, have struggled to emulate. Over 92% of the survey respondents were very or fairly satisfied with the process when arranging their recent mortgage through a mortgage broker rather than dealing directly with a bank.
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A complete copy of the survey is available here MFAA_Broker Study_final_email