Two in three borrowers who use a mortgage broker make their selection within seven days or less, a new study has found.
What’s more, the less research they do, the more likely they are to make a snap decision about the person who will guide them through the home loan process.
The Mortgage Choice-commissioned survey of more than 1000 Australians who have used a mortgage broker also found that 57% rely on friends and family recommendations when researching brokers.
Mortgage Choice CEO Anthony Waldron said the findings reveal that while 77% of broker customers will do some research when selecting their broker, the decision-making happens quickly.
“What’s interesting is even after that recommendation from a friend or family member, Australians are likely to go to at least another two sources in the research process”, Waldron said.
“These additional sources are likely to be an online search, an online review or broker websites.”
The June survey, conducted by Honeycomb Strategy, reveals that experience and customer testimonials were considered the two most important pieces of information borrowers are interested in when researching brokers.
REA Group’s Residential Consumer Omnibus survey for June–July 2022, which looked into the intentions of property seekers, showed that younger homebuyers aged 18 to 34 were more likely to seek advice from a mortgage broker when assessing their borrowing and spending power. In the Mortgage Choice-commissioned survey, the same age cohort valued communication, saying they would be happy to receive regular updates from their broker.
