Mortgage Brokers Gain An Edge Over Banks

Based on a recent survey, one in five Australians are not aware what a mortgage broker Perth does. Some say they “are like stockbrokers” or non-bank lenders.

Bankwest and the Mortgage and Finance Association of Australia (MFAA) conducted a study where respondents across the nation were asked questions associated with mortgage brokers and their services.Survey

The study indicated that several Australians don’t know that mortgage brokers act as a middleman between the borrower and the lender.

Here’s what they usually do:

  • They do the groundwork on researching available products on the market.
  • They help the borrower throughout the application and settlement procedure.

Mortgage brokers Perth generally do not charge any fees as brokers are paid off by the lender when the mortgage is settled.

Australians who had used the services of a mortgage broker have been quite happy with their services and would likely use a broker once more, whether it be purchasing an investment property, refinancing or getting a home loans Perth. The survey results showed that the banks are losing to mortgage brokers when it comes to client satisfaction.

Here’s what some of the respondents have to say:

“I had used the services of a mortgage broker as they have a single central point for mortgage information. It’s also much easier to deal with only one party throughout the buying process.”

“My broker had a great source and supply of information, product options from different lenders and a person who’ll go through the whole process with you.”

“It’s rewarding when you establish a relationship with a mortgage broker Perth; they are going to be with you for years to come. When you’ve built a relationship with them, fixing your loan, refinancing or perhaps purchasing an investment property becomes easy as they will help you make the right decision.”

Phil Naylor, MFAA CEO, mentioned the survey results showed mortgage brokers had started to make a distinction of themselves and their services which is totally different from the banks and non-bank lenders. Though the majority of buyers are still choosing banks as their preferred loan source, you can clearly see that the broker market is improving. All they need to do is continue providing services that the customer needs and delivering them with professionalism.