There have been a wide variety of market statistics released during the past year which have provided all sorts of insights into what has been happening in the property market during a particularly challenging and unusual year. One recent set of numbers gave us an interesting look into the role that Mortgage Brokers are playing in the lives of homeowners and those who aspire to purchase a home around Australia.
Recent research in the mortgage market showed that in the September quarter of this year, 66.9 percent of all new home loans were sourced through an independent mortgage broker. This compares with just over 60 per cent of mortgages in the same quarter of 2020, reflecting a growth in market share of more than 10 percent in a year.
Why are more Australians turning to a mortgage broker when looking for a home loan? One obvious answer is value. When you go direct to your bank for a loan, the only options you will see are that lender’s products, and their pre-determined interest rates. A mortgage broker, however, has access to a wide variety of lenders, so they will be able to source a loan that is not only the best available interest rate, (often making use of deals that are not known promoted to the general public), but also has the features that best meet your specific needs and plans.
Another factor that many people are unaware of is that mortgage brokers are required by law to act in their clients’ best interests at all times. It will probably not surprise too many of our readers that this is not necessarily the case when dealing directly with the banks!
When you look at it, the advantages of dealing with a mortgage broker are similar in some ways to dealing with an Advocate from Ian Reid. They are an independent expert who can source the best deals on your behalf, whether you are buying, selling or both.
So if you like some experienced, objective advice and guidance in your next property transaction, whether you need help sourcing the right property, or someone to handle the negotiations or bidding on your behalf, the team at Ian Reid Buyer and Vendor Advocates are ready and able to assist you. Why not give us a call on 9430 0000 today to discuss your options?
And don’t forget that if you are selling, you’ll also find plenty of helpful suggestions in our free booklet, “Fatal Real Estate Traps Exposed”.