Seven out of 10 Australians prefer working with professional mortgage brokers in processing their home loans.
Based on the latest data released by research group Comparator, mortgage brokers facilitated 71.7 per cent of new residential loans between July and September.
This is record-breaking because this is the first time that the mortgage broker market share has exceeded 70 per cent in the 40 consecutive quarters the measure has been tracked.
Australian mortgage brokers settled a total of $94.4 billion in home loans, which is now the highest figure tracked for a September quarter.
Comparator is part of CoreLogic and the research was commissioned by the Mortgage & Finance Association of Australia (MFAA).
The research group compiles broker statistics every quarter for MFAA by looking into the value of mortgages settled by 18 leading brokers and aggregators as a percentage of ABS Housing Finance commitments.
“Buying a home is often one of the most important financial decisions many Australians will make in their life,” said MFAA CEO Anja Pannek. “The fact we now have seven out of 10 borrowers choosing to use the experience and services of a mortgage broker to help them navigate their finance options is a testament to the trust and confidence that Australian home buyers have in mortgage brokers.”
Top 3 benefits of working with a mortgage broker for your Reverse Mortgage loan
Once you are ready to unlock your home equity through a Reverse Mortgage loan, seeking help from the right people can help ensure that you end up getting a good deal.
Here are the top benefits of speaking to a Reverse Mortgage loan broker:
1. Reverse Mortgage brokers can help you find the lowest interest rate
Mortgage brokers usually work with a panel of lenders. This makes for easier product comparison and recommendation.
Just imagine the daunting task of hopping from bank to bank or calling lenders one by one to:
- Check lender policies
- Compare approval criteria
- Find lowest Reverse Mortgage rates
- Determine lenders with fastest loan approval and settlement time-frames
- Identify which lenders will end in your postcode
There are multiple products and lenders in Australia offering their own version of Reverse Mortgage, and so it can take a lot of time and energy just to sort out the details.
At Seniors First, our system can analyse your inquiry and match it with lenders who are willing to extend you possible offers based on your submitted data.
2. Reverse mortgage brokers can help you process your application
One of the best things about teaming up with a professional broker is that they can do the leg work for you.
Your chosen broker from Seniors First will do all the legwork and manage your application from start to finish so you can relax.
3. Reverse Mortgage brokers can provide you expert guidance
On top of comparing loan offers and processing applications, mortgage brokers can also help you check your eligibility based on your circumstances.
They can also guide you in aligning your goals and needs with a range of possible Reverse Mortgage products.
Be sure to ask your broker how you can structure and manage your loan so you can minimise the interest costs and preserve your home equity.
Get Reverse Mortgage Loan Approval Fast with Seniors First
Senior First can help you to find out how much equity you have in your home, and how you might be able to use it for your needs.
Our loan advisors are fully trained, qualified and accredited to sell Reverse Mortgages as per industry and lender standards.
Call 1300 745 745 or CLICK HERE to check your eligibility.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Please consult a licensed financial advisor before you make any decision.