The top reason borrowers choose to use mortgage brokers when selecting a home loan is to save time and energy, according to survey results released this week (December 2012).
A recent National Consumer Sentiment survey found that 65% of consumers plan to use a mortgage broker in the future, with the top three reasons being:
- “Mortgage brokers save me from researching a range of lenders and loans myself;”
- “Professional mortgage brokers are experts in mortgage products;” and
- “Have had a good experience with a mortgage broker before”
The survey also asked participants whether they were likely to buy property in 2013, with almost one quarter (23%) replying that they do – so long as interest rates continue on a downward trend.
That number increases to 39% of respondents who plan to buy in the next two years and, of these, almost a third (30%) will be first homebuyers, 25% will be looking to buy their next home and 45% will be investors.
Finally, almost half (45%) of current mortgage holders will consider switching to a fixed term loan when lenders’ fixed rates fall below 5%.