PRESS RELEASE

Mortgage Brokers favoured by those who have an ING Direct, Macquarie, Adelaide Bank or BankWest Home Loan
Australia May 15, 2013

Contacts

Alex Dalidakis

Our latest research indicates that ING Direct, Macquarie, Adelaide Bank and BankWest home loan customers are more likely to have used a mortgage broker compared to home loan customers of other institutions.

phone: +61 3 9224 5209 http://www.roymorgan.com

Images ING Direct, Macquarie, Adelaide Bank and BankWest home loan customers are more likely to have used a mortgage broker compared to home loan customers of other institutions. These figures are based on the latest findings from the Roy Morgan Research Finance Single Source Survey. Of all Australians with a home loan, the incidence of using a mortgage 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 mortgage 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 4 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 Major Banks. Those who have used a mortgage 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 (i.e. Young Couples Household). Source:Roy Morgan Single Source (Australia), 12 month moving average to Mar13, sample size = 14,149 Norman Morris, Industry Communications Director, says: With 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. Mortgage shopping can be daunting for those whove never done it before. They need to balance getting the best rate as well as if the terms and conditions of the mortgage are best suited to their specific circumstances. It is clear from our research that a younger demographic is more likely to use mortgage brokers to assist them with choice, such as with researching lender, product options as well as help them examine their current circumstances.
Proportion of home loans obtained from mortgage brokers

Roy Morgan Research Roy Morgan Research is Australias best known and longest established market research and public opinion survey company. Roy Morgan Single Source is thorough, accurate, and provides comprehensive, directly applicable information about current and future customers. It is unique in that it directs all the questions to each individual from a base survey sample of around 55,000 interviews in Australia and 15,000 interviews in New Zealand annually - the largest Single Source databases in the world. The questions asked relate to lifestyle and attitudes, media consumption habits (including TV, radio, newspapers, magazines, cinema, catalogues, pay TV and the Internet), brand and product usage, purchase intentions, retail visitations, service provider
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