Record numbers of homebuyers are turning to brokers.

Record numbers of homebuyers are turning to brokers.

According to Comparator’s most recent research, around 75% of homebuyers currently use mortgage brokers.

Banks originated a record-low 25.4% of all new house loans in the September quarter, while brokers originated a record-high 74.6%.

The main reason why homebuyers favor brokers is choice; a broker will analyze home loan offers from many lenders on your behalf, whereas banks will only discuss their own offerings.

When considering refinancing, many homeowners who already own their house turn to brokers for the same reason.

Since lenders frequently offer new borrowers exclusive rates, it’s generally a smart idea to think about switching house loans every few years. According to the most recent home loans investigation by the Australian Competition & Consumer Commission, borrowers who had home loans that were three to five years old paid an average of 0.58 percentage points more in interest than those who took out new loans.

This is why refinancing to a similar loan with a lower interest rate could potentially save you tens of thousands of dollars over the course of your loan. If you’re considering refinancing, reach out to me; I’d be happy to calculate the potential savings by transferring your loans.

Do you wish to refinance? Let’s have a conversation.

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