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Most middle-aged Australians use a broker, but younger and older borrowers don't bother to seek independent advice.
An ASIC survey on financial confidence has found that 46 per cent of people with a mortgage used a broker.
Australians aged 25-49 were the most likely to use a broker, with 56 per cent choosing this option.
That compared to 31 per cent for those aged 50 and above, 27 per cent for those aged 16-24 and 23 per cent for those aged 65 and above.
The survey also uncovered a metropolitan-regional divide, with 52 per cent of capital city mortgagees using a broker compared to 37 per cent outside the capitals.
Despite the fact that a majority of Australians shun independent advice, 55 per cent are confident they are getting the best deal on their mortgage.
However, those who use brokers seem to be more confident: 57 per cent of mortgagees aged 25-49 think they got the best deal compared to 35 per cent of borrowers aged 16-24.
The survey also found that 67 per cent of people with a super account and 84 per cent of people with a credit card didn't seek independent advice on the matter.
[Related: Financial literacy – a rethink required]
Update: It has since come to light that the ASIC media release on which this story was based was published in 2011. The Adviser apologises for any confusion.
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