In light of the recent rate increases imposed by Westpac (45bps) and NAB (25bps) the MFAA has urged borrowers to refinance with an MFAA accredited broker.
"Recent increases to interest rates may prompt consumers to shop around, but we'd encourage consumers to seek out MFAA accredited brokers," said Phil Naylor, CEO, MFAA.
Naylor said brokers accredited through MFAA were best positioned to find the most competitive loan products for consumers from a range of lenders. In addition, he said they held to high professional and ethical standards of conduct, experience and education which non-members are not.
"Our independent research shows that consumers are consistently more satisfied when using a broker than going directly to a lender, and borrowers with loans administered by a broker are less likely to struggle with repayments," Naylor said.
He quoted the mid-year Bankwest/MFAA Home Finance Index which found that people who use mortgage brokers are more likely to be satisfied with their home loan source than those who use other lenders.
"Comparing home loans is not as simple as comparing rates alone. The levels of service offered by a lender, flexibility of repayments and other features of the loan must also be considered," he said.
"These are the issues that a good broker can navigate with a consumer to ensure the most appropriate loan is secured for their individual circumstances and needs," he added.
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