Borrowers are becoming savvier and doing a lot of their own mortgage legwork at home, new research has revealed.
Loan Market group recently reported a huge jump in its level of web traffic and an overwhelming increase in the number of people seeking out mortgage calculators.
Loan Market chief operating officer Dean Rushton said web searching containing the term “home loan calculator” accounted for 20 per cent of mortgage broker website traffic in February, more than double since the start of 2011.
Mr Rushton said it was an encouraging sign for the home finance sector that potential borrowers were becoming more active.
“Higher interest rates and other cost of living increases caused a sharp deterioration in home finance activity but the fact that the Reserve Bank of Australia has kept rates on hold so far this year will be boosting consumer confidence,” he said.
Mr Rushton said the significant increase in home loan calculator searches also showed that potential customers were being proactive in searching out their borrowing capabilities.
“Customers want to be informed when they sit down with their mortgage broker or lender,” he said.
“They want to ensure that they get the best available option.”
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