Banks have increased their dominance in the mortgage market but borrowers still rely significantly on brokers to source the most appropriate home loan deal, the latest Genworth Financial Mortgage Trends Report revealed yesterday.
72 per cent of the report’s 2000 plus survey respondents held a mortgage with a bank. This was the highest proportion in the four years since the report was established.
Despite this, the report indicated that a significant number of borrowers preferred to source their loan through a broker – 39 per cent said they relied on brokers to save time and secure the best home loan deal.
Furthermore 92 per cent of those who used a broker were satisfied with their service; 60 per cent very satisfied.
“Despite some concerns that the Australian mortgage broker industry suffers from lack of regulation and uniformity, it seems the vast majority of borrowers who have used a broker are satisfied,” the report said.
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