Our latest research indicates that ING Direct, Macquarie, Adelaide Bank and BankWest home loan customers are more likely to have used a mortgage broker compared to home loan customers of other institutions.
ING Direct, Macquarie, Adelaide Bank and BankWest home loan customers are more likely to have used a mortgage broker compared to home loan customers of other institutions. These figures are based on the latest findings from the Roy Morgan Research Finance Single Source Survey.
Of all Australians with a home loan, the incidence of using a mortgage broker to purchase a mortgage or home loan has jumped from 25% in March 2009 to 29% for the latest 12 month period to March 2013.
Over the same period, 73% of ING Direct home loan customers used a mortgage broker when taking out their home loan (up from 65% in March 2009). This compares to 70% of Macquarie Bank customers (up from 61%), 62% of Adelaide Bank customers (no change over the last 4 years) and 52% of BankWest customers (up from 47%). These banks are all significantly higher in their use of mortgage brokers than the average of 26% for the Major Banks.
Those who have used a mortgage broker are more likely than other mortgage holders to be aged 25-34 and either married or living in a de-facto relationship with no children (i.e. Young Couples Household).
Source:Roy Morgan Single Source (Australia), 12 month moving average to Mar13, sample size = 14,149
Norman Morris, Industry Communications Director, says:
“With the home loan market becoming increasingly complex and competitive, combined with the slowing growth in the market and a number of financial institutions without a strong branch network (i.e. ING Direct and Macquarie) utilising mortgage brokers, have all contributed to an increase in the use of mortgage brokers.
Mortgage shopping can be daunting for those who’ve never done it before. They need to balance getting the best rate as well as if the terms and conditions of the mortgage are best suited to their specific circumstances. It is clear from our research that a younger demographic is more likely to use mortgage brokers to assist them with choice, such as with researching lender, product options as well as help them examine their current circumstances.”
Roy Morgan Research
Roy Morgan Research is the largest independent Australian research company, with offices in each state of Australia, as well as in New Zealand, the United States and the United Kingdom. A full service research organisation specialising in omnibus and syndicated data, Roy Morgan Research has over 70 years’ experience in collecting objective, independent information on consumers.
In Australia, Roy Morgan Research is considered to be the authoritative source of information on financial behaviour, readership, voting intentions and consumer confidence. Roy Morgan Research is a specialist in recontact customised surveys which provide invaluable and effective qualitative and quantitative information regarding customers and target markets.
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