Brokers more popular than parents when it comes to advice
First home buyers are more likely to seek advice from a professional mortgage broker than their parents, but prefer the advice of their parents if they have to pay for it according to the latest research conducted by Mortgage Choice.
The survey of 1,000 first home buyers found that 26 per cent of respondents listed a mortgage broker as their favoured point of contact when looking for home loan assistance, while only 20 per cent of those would seek the advice of their parents. 18 per cent said they would rather speak directly to a lender, whule 11 per cent would seek help from an online loan comparison website, with 7 per cent relying on assistance of a financial planner.
Mortgage Choice CEO Michael Russell said, “It is great to see today’s first homebuyers value the guidance of a licensed mortgage broker. Parents are an excellent starting point for general advice about purchasing a property but with the mortgage market constantly changing.”
“Interestingly, the results showed that the number of first homebuyers consulting comparison websites, such as HelpMeChoose.com.au more than doubled year on year, from 4% in 2011 to 11% in this year’s survey.
“Well informed borrowers who utilise every resource available to help them thoroughly research the property and mortgage markets are more likely to step into the property market sooner.”
Having won the popular vote in terms of advice, more than half of respondents said they would be unwilling to access advice if they were charged a fee.