A major mortgagor survey has launched, aiming to highlight the experiences of borrowers through the retail and third-party channels and reveal what consumers most value from their channel of choice.
Earlier this year, the industry rallied behind a critical piece of industry research commissioned by The Adviser and produced by Momentum Intelligence, which highlighted the value of the mortgage broking channel and helped steer the narrative around broker remuneration and what consumers think about the mortgage experience.
The initiative saw thousands of brokers encourage their clients to complete a short survey about their mortgage experiences, which resulted in more than 5,800 responses being received.
The Adviser has once again commissioned Momentum Intelligence to conduct its major borrower survey on the attitudes, perceptions and priorities of Australians to quantify the value of the third-party distribution channel to the Australian public.
The Consumer Access to Mortgages Survey aims to understand what consumers most value from their channel of choice, what they expect from the mortgage process, and what would influence their decision when choosing a distribution channel for a home loan in the future.
Given that the brokers will soon be held to a best interests duty (the details of which have not been specified), the survey also aims to clarify what borrowers believe is in their best interests when securing a mortgage.
It is hoped that the findings of this survey could help shape the continued narrative around the value proposition of the broker channel and provide clarity on what borrowers think is in their best interests, ahead of the duty coming into force next year.
The findings of the borrower survey will be released in the Consumer Access to Mortgages Report in February 2020 at The Adviser’s Better Business Summit.
Momentum Intelligence’s lead analyst, Michael Johnson, commented: “The recommendations of the banking royal commission are still being introduced, with several recommendations having the potential to impact how borrowers access mortgages.
“We hope that the Consumer Access to Mortgages Report continues to provide a voice to mortgagors and ensure that there is appropriate evidence in the market around what their experiences are in accessing housing finance.”
The Consumer Access to Mortgages Survey will be promoted to borrowers across relevant Momentum Media brands and is available to all brokers to share with their clients, to ensure the largest possible sample market.
You can share Momentum Intelligence’s Consumer Access to Mortgages Survey with your clients by following the steps outlined here.
Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.
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