Research reveals borrower satisfaction

by Rebecca Pike19 Sep 2018

New research has revealed most people who have sourced mortgages through brokers are satisfied with almost every aspect of the transaction.

The Finance Brokers Association of Australia (FBAA) commissioned the research project through finance industry researchers MyNextAdvice to gauge the level of satisfaction with clients who had settled on mortgages obtained through FBAA members.

The research took into account responses from 2049 clients who had settled loans, on a range of key performance indicators including broker-client relationship and ease of doing business.

FBAA executive director Peter White said the results indicated brokers are doing the right thing by their clients.

Overall confidence with the brokers relevant to this research was 95% and the same percentage said brokers were easy to do business with.

In other findings:

  • 94% were happy with their broker’s knowledge and competency;
  • 93% agreed their broker had their clients’ interest at heart;
  • 93.6% found their broker understood their needs, objectives and financial situation; and
  • 92.1% were satisfied with the strength of the broker-client relationship.

One respondent said in the survey, “Highly recommended, excellent service, quick response, excellent savings and results. Highly recommended to friends and family who have said the same thing. A+.”

White said FBAA members were clearly looking after the individual needs of their clients.

He added, “While these results are good they are not perfect. There is always room to improve but when we see the issues in the royal commission we know the broker industry is best in breed, and the objections raised by the productivity commissioner are simply not based in fact or competent research.”