HomeArchitectureWhy Mortgage Brokers Are Gaining Popularity Over Banks

Why Mortgage Brokers Are Gaining Popularity Over Banks

The Shift Towards Brokers in Home Loan Solutions

Amid two years of rising interest rates, more Australians are turning to mortgage brokers for better home loan deals and reduced repayments. Five years ago, brokers accounted for 55% of home loans; this figure is projected to exceed 75%. 

As the Reserve Bank sets interest rates, brokers report increased demand. Despite past criticisms of conflicts of interest, brokers are now required to prioritize borrowers’ best interests. However, concerns remain as many loans continue to funnel into the Big Four banks and their subsidiaries, raising questions about the effectiveness of this growing trend.

Source ABC

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