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Consumer Attitudes Towards Mortgage Brokers
Retail Finance Intelligence (RFI), Sep 2009, Pages: 25
Over the course of the last 2 years RFI has tracked the proportion of home-owners with loans that originated via a mortgage broker. During this time a number of changes have occurred in the mortgage market, driven by the economic downturn and restrictions on lending. The proportion of consumers using a broker has fluctuated between surveys- decreasing from 38% of respondents in the February survey to 31% in June a year later. This decline was not steady, with an increase from 32% to 37% of respondents between the November and March surveys. This report looks at consumer motivations and trends in broker usage over this time. This report examines what customers value and expect from the broker service, as well as distinguishing the characteristics of potential customers - something that is particularly important at this time due to the ease of the internet and branch channels, combined with the decreasing number, variety and complexity of available loans.
Scope and methodology
The report is focused on data collected in four surveys conducted online by RFI. These surveys:
- Are nationally representative
- Include 2,000 consumers who have, or are planning to take out, a mortgage
- Include a number of questions on channel use and attitudes toward brokers
- Contain consistent questions, allowing RFI to track consumer behaviour
Highlights of the report
Age is a distinctive feature in borrowers who use the broker channel, with usage and behaviors varying considerably when split by this attribute. Borrowers aged between 25 and 44 are significantly more likely to conduct enquiries using the broker channel, with 47% of 25-34 year olds and 41% of 35-44 year olds doing so compared to a survey average of 37%.
The majority of broker customers, 56%, found their broker through a recommendation from a friend or family member. The next largest proportion of customers had found their broker through an advertisement, at 22% of customers. Internet searches accounted for 12% of respondents while 8% had been contacted proactively by their broker.
RFI also asked survey respondents what prompted them to visit a broker rather than visiting a bank or mortgage provider directly. The top four reasons that prompted respondents to visit a broker were related to the service provided by brokers.
Reasons to read this report
- To understand who are most likely to go to a broker, and how to target them
- To learn about changes in consumer attitudes towards brokers
- Insight into the motivations of consumers in using a broker, and what they are looking for in broker service
Country covered: Australia
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