Why Borrowers Use A Mortgage Broker

By Matthew Kenworthy | News

The MFAA recently commissioned a report to find out about customer experiences when borrowing. The study focused on over 1,000 customers who had taken out a home loan. This included those who used a mortgage broker, as well as going direct to the lender.

The report highlighted why borrowers choose to use a mortgage broker instead of a bank direct.

Support Through The Process

Many borrowers chose to use a broker for support through the mortgage process. This extra support included:

  • Mortage Brokers being able to get things done faster than a banker in a branch.
  • More efficient as a good mortgage broker will know which banks are likely to approve their loan application.
  • Brokers offer value beyond simply getting the best price on a loan.

We believe these to be true and all are reasons why our current clients use our obligation free service.

Acting For You, Not For The Bank

Of those who used a broker 82% agreed that the broker generally acted in the customers best interest. This compares to only 73% for those who went direct to the lender.

Those who used a broker had a high level of trust that the options presented were right for them. Those who went direct to the lender were not as certain that the lender had their best interest at heart.

Increased Satisfaction

Customers who used a mortgage broker were more satisfied with their experience. 51% of customers who used a mortgage broker were completely satisfied. This compares to 38% of customers who went direct to the bank.

Those who used a mortgage broker valued the extra advice that given during the home loan process. The advantage that a broker has being able to shop around a variety of lenders also rated highly.

Interestingly those who went direct to the bank did not expect extra service.

At Quality Assured Finance we pride ourselves on satisfying our clients. Our client testimonials section highlights how we look after our clients.

Are you interested in finding out more about our quality service? Contact us and we’ll be happy to help!

About the Author

Matthew Kenworthy is a specialist in all aspects of Residential & Commercial Finance. He can assist all borrowers from First Home Buyers to Property Investors with Large Portfolios.