A record number of Australians are turning to mortgage brokers for their home loan requirements.
In the three months to September, brokers facilitated a record 71.7% of all new residential home loans, according to data from research group Comparator.
That compares to 66.9% in the September 2021 quarter and 60.1% in the September 2020 quarter.
The main reason so many Australians prefer brokers to banks is because a bank will only tell you about its own products, whereas a broker can compare home loans and interest rates from dozens of different lenders.
Also, brokers have a legal obligation to act in your best interests (known as the Best Interest Duty), whereas banks don’t.
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