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COVID boosts interest in broker channel

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Reporter 1 minute read

Over a third of Australians are more likely to seek assistance from a mortgage broker now than prior to the COVID-19 crisis, new research has revealed.

According to new research commissioned by Aussie Home Loans – which involved a survey of 2,792 Australians between 4 June and 17 June 2020 – 65 per cent of Australians have lost confidence in their property goals in response to uncertainty caused by the COVID-19 pandemic.

Consumer confidence in the housing market has fallen from 76 per cent in January (when the survey was last conducted) to just 46 per cent in June.

Accordingly, 61 per cent of respondents have said their goals have changed, of which, 35 per cent have delayed their plans.

However, despite the uncertainty, 42 percent of respondents said they would like to advance their ambitions but do not know how, with over half (54 per cent) wanting more guidance.

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As a result, over a third (36 per cent) of respondents said they would be more likely to seek the services of a mortgage broker now than before the COVID-19 crisis.  

Reflecting on the research, Aussie CEO James Symond said the research suggests that there remains strong interest in the property market, particularly amid new state and federal government incentives.

Mr Symond added that brokers have a unique opportunity to help such borrowers navigate through market complexities.

“There are many opportunities available right now that could make it favourable for Australians to enter the market, invest, downsize or refinance, including lender cashback incentives, reduced interest rates and government initiatives, such as the First Home Owner Grant, the $25,000 HomeBuilder grant and the First Home Loan Deposit Scheme,” he said.

“During what has been a challenging time for many Australians, including a change in personal circumstances or financial outlook for some, brokers have an important role to play in helping Australians understand their options and make smart choices to keep their property goals on track.”

[Related: Aussie bolsters its broker network]

COVID boosts interest in broker channel
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