Mortgage brokers essential for home buyer confidence, Helia report finds
By
A new report by lenders mortgage insurance provider Helia has highlighted the crucial role mortgage brokers play in supporting home buyers, particularly first-time buyers, through the property purchasing process.
Key findings from Helia’s Home Buyer Sentiment Report 2024 include:
- Over half of first home buyers (FHBs) indicated a lack of familiarity and support in navigating the home-buying process
- 57% of home buyers needed support in researching properties, understanding affordability and financing
- 91% of FHB respondents said they are likely to use a broker to obtain a loan for their property
The report, prepared by CoreData, surveyed 1,965 first home buyers and 1,037 current property owners in August 2024.
Respondents identified online research and meeting with experts such as mortgage brokers as the main ways they sought reliable information about buying property (70% and 69% respectively).
The report emphasized that mortgage brokers play a “unique role” as educators and supporters during the home-buying process.
Specific areas where buyers found brokers helpful included:
- Understanding individual financial situations and borrowing capacities (89%)
- Providing support and guidance (88%)
- Helping save time, effort and gaining better access to deals (86%)
The report also noted a shift in home ownership patterns:
- 38% of buyers planned to buy individually
- 53% planned to take out a loan with a partner
- 10% of FHBs planned on borrowing from family members
==
==
Helia suggested that this changing landscape means mortgage brokers will need to tailor their services to diverse types of clients with unique circumstances and needs.
The findings underscore the importance of mortgage brokers in providing confidence and support to home buyers, especially those entering the market for the first time.