More than ever before, Australians are relying on mortgage brokers to secure finance for the most important purchases of their lives.
A recent study by CoreLogic found 59.7 percent of loans approved in the first quarter of 2019 were broker-sourced. That’s surged from 55.3 percent in the same quarter in 2018, and 53.6 percent the previous year, to notch the biggest market share ever recorded for brokers.
The amazing year-on-year growth is an impressive vote of confidence, particularly given the weaker property market of late. Reduced access to credit saw the total value of approved home loans nosedive from $88.6b to $72.8b, a drop of almost 18 percent, over the same period, according to Comparator.
The moral of these results is that tough times require expertise, ingenuity, and industry know-how to overcome. Although the concurrent Royal Commission into Banking shook consumer confidence around many industry participants, the survey findings show trust and faith in brokers has been preserved, if not enhanced.