Brokers are seeing a spike in their workload following the RBA’s latest rate hike.
According to the MFAA, accredited mortgage brokers have been inundated with enquiries relating to borrowers refinancing their mortgages in the last week.
“There is no doubt consumer sentiment is building as borrowers look for ways to offset rising interest rates and shop around for a better home loan deal in this environment of interest rate uncertainty,” MFAA chief executive officer Phil Naylor said.
Currently, 40 per cent of consumers already use mortgage brokers but the MFAA believes this figure will significantly rise in the current environment.
According to the latest MFAA/Bankwest Home Finance Index of July 2010, awareness of brokers is continually increasing and is currently high at 97 per cent.
“Mortgage brokers provide an essential service to consumers - saving them time and money and securing them the most appropriate loan deal,” Mr Naylor said.
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