A recent survey showed that one out of five Australians have no clear idea what a mortgage broker essentially does. A lot of them understood mortgage brokers to be more like stockbrokers or independent lenders who are not necessarily connected to any banks.
The Mortgage and Finance Association of Australia (MFAA) together with Bankwest carried out a study where the respondents coming from all over the country were asked a few questions related to mortgage brokers and what services are they offering.
The result of the study revealed that many Australians do not know that mortgage brokers function as a mediator between the lender and the borrower.
· They are responsible for all the research and paperwork for the available products in the market.
· They will assist the borrowers during the loan application and settlement process.
Mortgage brokers are compensated by the lenders, so generally these people are free of charge – this is also one thing that most people don’t know.
Many Australians have asked the help of mortgage brokers and they are happy with the offered services and results, and pledged that they’d hire a broker again, whether it would be getting a home loan, refinancing a loan, or in buying a property investment. The results of the survey showed that brokers have gained more client satisfaction compared to banks.
Here is a brief summary of what most respondents say about mortgage brokers and what are the services offered:
· Mortgage brokers are the best source of information when it comes to home loans and property deals.
· They are very helpful throughout the buying and settlement process.
· They can provide a good selection of products coming from different loan providers.
· They can be trusted when it comes to fixing a loan, refinancing, and even for property investment purchases.
MFAA Chief Executive Officer Phil Naylor, pointed out that the results of the survey goes to show that mortgage brokers are already making a name among themselves along with their services which is totally different from banks and other lending institutions. Although most home buyers still prefer to ask the assistance of banks when it comes to loan products and other loan related services, with the positive results from the survey among mortgage brokers we can already tell that the brokerage industry is fast improving. The main thing that mortgage brokers need to do is to deliver their products with expertise and professional approach.