Public trusts banks more than brokers

by AB27 May 2014
A secret survey by Macquarie Group reportedly shows the public are more trusting of major lenders than mortgage brokers and more than a quarter would not use a broker again.

Macquarie surveyed 400 Australian families to gauge what they looked for in a mortgage broker and a company they trusted, The Australian Financial Review has reported.

While AFR has obtained a copy of the presentation, the bank has refused to release the research publically.

The presentation, dated May 2014, highlights that Macquarie is stepping up its efforts in the mortgage market, predominantly via mortgage brokers and aggregators, reported AFR.

According to the newspaper, Macquarie’s presentation showed that while the majority of those who used brokers would use the service again, 28% said they would not use them a second time or were undecided.

Those who said they would not draw on a broker again cited lack of experience and trust as their reason.

The survey, which polled people who had and had not used brokers, found 39% trusted them more than banks, while 46% said they were more trusting of major lenders. Around 15% believed brokers were biased towards particular banks, the AFR reported.

A Macquarie spokeswoman declined to comment or release the research to Australian Broker.

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COMMENTS

  • by John Broker 27/05/2014 9:19:44 AM

    The headlines should have been shouting "54% of people surveyed don't trust the major banks" or "61% of people surveyed trust brokers"!
    I think that makes better reading.

  • by Tony Broker 27/05/2014 9:31:59 AM

    Who released that report to AFR ??

  • by MCC 27/05/2014 9:39:48 AM

    Would like to have seen the survey break up of metro v regional. I think that might have shown some interesting results.