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MFAA: Brokers behind majority of mortgage growth

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Australian Broker | 17 Feb 2015, 10:30 AM Agree 0
Mortgage brokers were responsible for 64.7% of the growth in the mortgage market, according to new research by the MFAA, despite their total market share decreasing slightly
  • Troy | 17 Feb 2015, 10:39 AM Agree 0
    Does anyone know what the real and current lender life of loan is or predicted to be by Banks??
  • Awesome - Albert | 17 Feb 2015, 12:03 PM Agree 0
    Troy - I have heard numbers between 2.3 and 3.8 years. I worked for a mortgage manager and we had two trends. People who left in the first 6~9 months because they were rate shopping or defaulted straight away after a cash out this was less than 3% of all clients. And the people who left within 2 months of the end of the interest only period this was about 15~20% of client . The other who stayed after this basically stayed and only left when they sold the house or paid the loan off. Since being a broker the same thing has happened more or less. We get about 1% of clients who end up not liking their new lender and refinance without mentioning why.. About 30~40% ask us to refinance after about 4 years to find a better loan product or release equity. The other 50% stay with the same lender and simply get an increase or leave things as they are.
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