A research report conducted commissioned by the Mortgage and Finance Association of Australia (MFAA) has shown that mortgage brokers contributed over two-thirds of the growth within the mortgage market in the 2015 financial year.
Brokers originated $30.5 billion out of the $46 billion total increase in mortgage lending recorded by the Australian Bureau of Statistics. Banks are also adopting third-party distribution strategies, with the overall broker market share tipped to reach 60 per cent this year.
It’s not surprising that using a mortgage broker is becoming more popular. Brokers offer consumers many advantages compared to arranging a home loan directly with a bank. For example:
- No fee for service – Brokers don’t charge you for their services as they are paid commission directly from the financial institution that you ultimately choose to go with.
- Sourcing the best loans – They have access to an extensive panel of Australia’s leading financial institutions and lenders. Mortgage specialists are able to identify the most suitable banks and products for your needs for you to choose from.
- Preferential interest rates – With connections to the banks, they are able to obtain specialised pricing and negotiate lower interest rates. This means they can always match what the bank can offer you or obtain a lower rate.
Most Accru offices offer a mortgage broking service and Accru Melbourne specialise in this area. To accommodate your busy schedules, our brokers can arrange consultations at a time at your convenience.
Accru’s mortgage brokers look at your overall financial situation, taking a holistic approach to your borrowing needs. Whether you are a first home buyer or an experienced investor, we can help you plan ahead.
Find out more about our mortgage broking service here.