Residz Team 2 min read
Home buyers have it tough right now. The cost of borrowing money to buy property is the highest it’s been since 2012. For many, it’s beyond their means to afford a home loan sizeable enough to secure a capital city property.
I’m sure our Residz community has stories about trying to secure a home loan, so we encourage you to share your experience in a 2023 survey.
Independent research firm Momentum Intelligence is conducting the survey into borrowers’ experiences.
Mortgage Broker or Bank?
The survey is for the annual Consumer Access to Mortgages Report which explores the home loan experiences of consumers across Australia and what drives the decisions consumers make when accessing finance.
For example, do they prefer to secure a home loan through a mortgage broker or a bank?
In the 2022 report, 65% of respondents had used a broker the last time they’d taken out a mortgage, while 35% had borrowed directly from a bank. (1)
Satisfaction levels were similar in both cases, although respondents appeared more satisfied with communications from their broker than those who had gone direct to the bank.
90% of those who had used a mortgage broker would do so again, compared with 67% who would repeat their experience of going direct to a banker.
Clients need hand-holding
Speaking about the 2023 survey, Momentum Intelligence director Michael Johnson said that in this environment, it was essential for brokers and lenders to hold their clients’ hands and provide guidance.(2)
“We want to know how borrowers have been feeling, how they rate the customer service of both brokers and lenders, and which of these two channels they preferred to use during their home loan application process,” he said.
Survey in response to Royal Commission
The Consumer Access to Mortgages Report was first launched in 2019 in response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry to unearth the experiences of consumers and the implications for Australian borrowers of any changes made to the current remuneration of mortgage brokers.
Now in its fifth year, the report surveys Australian consumers, including those who have never secured a mortgage.
To complete the survey (with an incentive prize of a draw to win a $500 Visa gift card) click here.
Residz can help buyers and sellers reduce the stress:
References:
Photo by Pat Whelen on Unsplash