Generation Y borrowers are more likely to use a mortgage broker than any other market segment for advice and support, a new report has found.
According to Retail Finance Intelligence (RFI) Consumer Attitudes to Mortgage Brokers report, age is a distinctive feature in borrowers who use the broker channel.
More than 47 per cent of 25-34 years olds said they would conduct their enquiries using the broker channel, much higher than the survey average of 37 per cent.
The report, which is based on the survey results of over 2000 mortgage holders, also said the proportion of 25-34 year olds who used a broker to apply for their home loan was higher than average.
Just over 39 per cent said they would use a broker when applying for a home loan, compared to the survey average of 31 per cent.
In typical Gen Y fashion, the reasons for using a mortgage broker rather than a bank all related to the simplification or speed of the mortgage application.
More than 57 per cent said they would use a broker because it gave them the chance to see a range of loans from a range of lenders in a simplified fashion, 43 per cent said they would use a broker to ease the stress of the application process and 38 per cent thought a broker would save them time.
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RFi is currently assessing broker attitudes to the mortgage market and to mortgage lenders.
Brokers who complete this 15 minute survey will receive the full Consumer Attitudes to Mortgage Brokers 2009 report – FREE of charge.
Click here to complete the survey – once completed RFi will send you your free copy of the Consumer Attitudes to Mortgage Brokers 2009 report.
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