Research findings indicate that almost nine in ten first home buyers will use a mortgage broker to access finance for a purchase. Mortgage brokers assist investors with related financial documentation such as legal transfers, deposit options, borrowing capacities, loan schemas, property settlement verification and other processes.
Investor perspective
Most first-home buyers in Helia think twice before expanding their property portfolio due to the exponential rise in the cost of living. According to Helia Home-buyer research:
- Around 10% of Aussies prefer to borrow money from family members, such as parents, grandparents and siblings.
- Those interested in making property purchases and searching for suitable loan options (approx 71%) share the common perspective that – ‘now is a good time to make property purchases’.
- The rise in property Investments has been exponential in the last couple of years, i.e. approximately 63% in 2023 and 57% in 2022. This trend has persisted despite rising interest rates and housing prices.
Collected Statistics
- 57% of first-home buyers need help when it comes to researching and understanding market options
- 70% of FHBs sought access to reliable and trusted property information through brokers.
- 69% of home buyers believe consulting with professionals such as mortgage brokers or accountants is essential in every respect
- 91% of first-home buyers said they would likely visit a mortgage broker to secure home loans
- 89 % of first-home buyers give credit to mortgage brokers and say they have proved to be instrumental in understanding financial standings and borrowing options.
- 88 % of home buyers agreed that brokers provide valuable support, guidance and expertise throughout their complex journey.
- 86 % of investors believe that brokers save their time and efforts, providing access to better deals
- 45% of first-home buyers struggle to identify which loan schemas best suit their needs and turn to mortgage brokers for assistance.
- 52% anticipated challenges in obtaining the loan and sought mortgage brokers’ help in making informed decisions.
- Around 53% of home buyers plan to take out a mortgage jointly with their partner, whereas 38% said they would prefer to make these decisions alone.
Detailed Report
Despite apprehensions, interested home buyers earnestly opt for financial advisors to simplify their investment journey. A survey of 3,002 home buyers in the specified demographics by CoreData indicates that home buyers are unfamiliar with the processes involved and need external support to complete the buying and takeover procedures.
A common observation was that mortgage brokers were indispensable in educating and guiding home buyers through the stressful purchasing processes. They have constantly supported buyers, driving them through the complexities of renting a home in Helia. Most home buyers claim they will likely visit a broker to ease home-buying. Additionally, word-of-mouth reinforces this perspective that ‘Brokers save time, effort, and negotiation skills to access better deals for home buyers.’
What can we expect?
We will witness a rise in property demand when interest rates eventually decrease. While marking financial limits is paramount, mortgage brokers continue to play an unparalleled role in guiding home buyers through the investment processes to find the best options to achieve home ownership without feeling overwhelmed.
Melbourne broker Peter Kennedy also predicts confidence is critical to driving the market. His advice as a property advocate is to hold onto the property and invest wisely to leverage its long-term growth potential. Across the board, a further price drop can trigger increased purchasing activity in the property market. Call now at 0456 456 267 or 1300 GET LOAN for tailored advice and support on expanding your property investment portfolio. For more detailed information read our related Articles or CONTACT US.
