ING DIRECT, Macquarie, Adelaide Bank and BankWest home loan customers are more likely to have used a broker, compared to customers of other lenders, according to the latest findings from the Roy Morgan Research Finance Single Source Survey.
Roy Morgan also reports that, of all Australians with a home loan, the incidence of using a broker to purchase a mortgage or home loan has jumped from 25% in March 2009 to 29% for the latest 12 month period to March 2013.
Over the same period, 73% of ING DIRECT home loan customers used a broker when taking out their home loan (up from 65% in March 2009). This compares to 70% of Macquarie Bank customers (up from 61%), 62% of Adelaide Bank customers (no change over the last four years) and 52% of BankWest customers (up from 47%). These banks are all significantly higher in their use of mortgage brokers than the average of 26% for the majors.
Those who have used a broker are more likely than other mortgage holders to be aged 25-34 and either married or living in a de-facto relationship with no children.
Norman Morris, industry communications director at Roy Morgan Research, says there are several reasons why particular lenders’ clients may be more inclined to use a broker.
“The home loan market becoming increasingly complex and competitive, combined with the slowing growth in the market and a number of financial institutions without a strong branch network (i.e. ING Direct and Macquarie) utilising mortgage brokers, have all contributed to an increase in the use of mortgage brokers.”