Property continues to be Australia’s favourite asset
The "great Australian dream" may be evolving, but property remains the core asset underpinning household wealth and at the heart of many Australian’s financial plans. This provides a firm foundation for mortgage brokers.
- Two-thirds of Australians live in a home they own 1
- Housing is the largest asset class on Australian households’ balance sheets, accounting for around 60 per cent of total assets 2
- One in five Australians own an investment property 3
- Over the 12 months to December 2016, total new mortgage lending in Australia (including refinancing) was worth $384 billion4
Why do Australians choose a mortgage broker?
In a complex mortgage market, time-poor consumers are increasingly turning to mortgage brokers as a trusted source of advice to secure the loan that’s right for them.
- Mortgage brokers settle around 51.5% of all new residential home loans in Australia 6 - up from 46% in 2012 7
- Home loans are no longer a ‘one-for-life’ product. Over the last five years, one in five mortgage holders have refinanced their loan to a different bank or provider 8, providing additional opportunities for brokers.
- 60% of consumers say brokers are the most influential information source for mortgage products 9.
- Brokers enjoy customer loyalty – 73% of broker customers say they would use the same broker again 10.
Financial advice – opportunities to engage in all stages of the customer journey
As more Australians dream of a better future, there is growing demand for personalised service and trusted advice to help consumers’ make their money work harder. Our Mortgage Choice financial advisers are there to help our customers make better choices with their finances, no matter what age or stage of their journey they are at.
- Australians currently hold an estimated $2 trillion worth of unadvised savings 11.
- The nation’s superannuation savings have grown to more than $2.3 trillion 12. As more Australians reach retirement age, financial advice will increasingly be needed on how to best use these savings.