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Mortgage brokers settle a record 7 in 10 new home loans

Mortgage brokers have achieved an impressive milestone, assisting in the settlement of seven out of every ten new home loans. This achievement underscores the pivotal role mortgage brokers play in helping Australians fulfill their dreams of owning a home. It’s a testament to their effectiveness in facilitating the transition to the home of your dreams.

In the nine months leading up to March 31, 2023, a period characterized by rising interest rates, mortgage brokers played a pivotal role in facilitating the settlement of more than 70% of all new residential home loans, according to the latest data from the Mortgage & Finance Association of Australia (MFAA). Notably, this marks the first time in history that brokers have contributed to over 70% of home loans over a three-month-plus timeframe.

To provide perspective, just two years ago, brokers were assisting in the settlement of new home loans at a rate between 50-60%. This remarkable increase underscores the growing significance of mortgage brokers within the housing market, as they continue to play a vital role in helping individuals secure their dream homes.

Why More Australian Home Buyers Prefer Mortgage Brokers

The increasing inclination of Australian home buyers toward mortgage brokers can be attributed to several significant factors:

Access to Informed Choices: It is becoming increasingly apparent that mortgage brokers are instrumental in helping individuals make well-informed decisions about their home loans.

Navigating Higher Interest Rates: In the current landscape characterized by rising interest rates, ensuring that your home loan offers genuine value is of paramount importance. Mortgage brokers are well-equipped to provide valuable guidance in this regard.

Extensive Lender Network: Mortgage brokers have cultivated a vast network of lending institutions, ranging from major banks to local banks and alternative financial entities. This diverse array of options empowers brokers to assist you in selecting the loan that aligns perfectly with your specific needs.

Comprehensive Assistance: However, the appeal of mortgage brokers extends beyond these fundamental aspects. Here are five additional compelling reasons why Australians are turning to mortgage brokers for their home-buying endeavours.

1. Mortgage Brokers Handle the Heavy Lifting

Mortgage brokers take the hassle out of securing the ideal home loan, making the process seamless for you:

Extensive Loan Selection: With countless home loans available, the task of finding one that precisely aligns with your requirements can be daunting. Mortgage brokers are here to simplify this challenge.

Your Broker’s Expertise: Your broker possesses the expertise and resources to navigate through the multitude of loan options available, ensuring they find the perfect match for you.

Streamlined Process: Furthermore, mortgage brokers go the extra mile by managing the paperwork and providing unwavering support throughout your loan application journey, right up to the settlement phase.

This comprehensive assistance allows you to kick back, relax, and focus your energy on transitioning into your new home without the stress and intricacies of loan procurement.

2. We are flexible for your convenience

In recognition of your busy schedule, mortgage brokers offer flexible appointment options, ensuring your needs are met seamlessly:

After-Hours Availability: For those who require consultations beyond regular business hours, mortgage brokers are more than willing to accommodate your preferences.

Online Meetings: If you prefer the convenience of online discussions over in-person meetings, mortgage brokers readily provide this option.

While it may appear as a minor benefit, the flexibility offered by brokers becomes a significant advantage when you’re juggling work, family commitments, or are engrossed in the house hunting process.

3. Personalized Guidance from Mortgage Brokers

Mortgage brokers offer personalized assistance to ensure you make well-informed decisions about your home loan:

Clarity in Information: Brokers present transparent and detailed information, enabling you to grasp crucial aspects.

Borrowing Clarity: They shed light on your borrowing capacity, the necessary deposit amounts, and project your loan repayments across different scenarios, all tailored to your unique situation.

This eliminates guesswork from the home-buying process and empowers you to plan ahead with confidence.

4. Mortgage Brokers are bound by Best Interests Duty

Rest assured that mortgage brokers operate with an unwavering commitment to a best interests duty, a pledge that places your financial well-being at the forefront of their services and we are bound to that by law. Unlike banks and digital lenders, who may entice you with cashback incentives but could offer loan products that are not in your best interests due to hidden fees, high interest rates, and other unfavorable terms, mortgage brokers prioritize matching you with lenders and loans that align with your best interests.

5. We are on your side and keep working for you for years to come

Given the longevity of home loans, it’s highly probable that you’ll retain your home loan for an extended period. Mortgage brokers pledge their continued support to ensure your home loan remains the optimal choice, even as your life circumstances evolve.

Count on us to stand by your side throughout this journey, helping you adapt your home loan to align with your changing needs.

Don’t hesitate to reach out today on 1800-E-LOANS and discover why an increasing number of Australians are choosing to partner with mortgage brokers for their home financing needs.

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1800 35 62 67

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.

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