Two recent studies have confirmed the importance of mortgage brokers to an increasingly tricky Australian economy.
In the past six months, research agencies Momentum Intelligence and Core Logic have gathered data that shows engagement and satisfaction levels are on the rise.
Comparing Q1 results for 2017/18 and the current financial year, Core Logic study found a significant leap in the use of brokers for residential property settlements. Engagement levels rose from 53.6 percent to 59.1 percent – the biggest single jump between two year-on-year quarters since 2014.
And the reason for the growing use of brokers appears to be simple. In any form of business, there’s no better endorsement than customer satisfaction, which the Momentum Intelligence report discovered was at incredibly high levels for the mortgage broking industry.
Its survey of almost 6000 Australian borrowers found that 96 percent of those who used a broker were at least satisfied. And the vast majority of those who returned a positive appraisal were even more glowing, with 84 percent saying they were “very satisfied” after using a broker.
In contrast, considerably lower rates of satisfaction were reported from borrowers who lent directly.
While the results are a pleasing reflection of the industry’s efforts, they do not arise in isolation from the current economic climate. With property and business finance now more restricted for a variety of reasons, the need for expert assistance has become stronger. Happily, the marketplace has declared that brokers are meeting that growing need in a timely, professional and fair manner.
A great result for everyone involved!