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Brokers to focus on long-term relationships: MFAA

Staff Reporter 1 minute read

A new survey has found that borrowers are more likely to use brokers for short-term help in getting finance, but prefer to go to a bank for ongoing assistance.

According to the latest MFAA/Bankwest Home Finance Index, 42.5 per cent of borrowers will contact the lender directly if there is a problem with their loan.

MFAA chief executive officer Phil Naylor said the results showed borrowers were happy to use a broker to source a loan, however, they would go to a bank for future assistance, with only 16.5 per cent of borrowers saying they would contact their broker if there was a problem.

“There is an opportunity for brokers to develop longer-term relationships with their clients, which has traditionally been the domain of the banks,” Mr Naylor said.

“Despite the favourable consumer opinion of mortgage brokers, banks gained significant market share over the course of the global financial crisis, presenting a significant challenge for brokers in regaining market share,” Mr Naylor said.

The MFAA/Bankwest Home Finance Index canvassed the opinion of 850 people on a range of issues relating to finance and lending.

Brokers to focus on long-term relationships: MFAA
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