Youngies love their brokers
Young home-buyers are more likely to use a mortgage broker to find a home loan than older buyers.A survey of the use of brokers by Roy Morgan Research, released yesterday, shows that those who have used a mortgage broker to find their home loan are more likely than other mortgage-holders to be in the 25 to 34 age bracket.This finding supports recent research by CoreData, which found that "young people especially" see value in the advice a broker can offer them.Roy Morgan looked at how much business different lenders did through brokers. ING Direct sells 73 per cent of its mortgage through brokers, Macquarie Bank sells 70 per cent, and Bendigo and Adelaide Bank sells 62 per cent.At the other end of the scale, National Australia Bank sells 21 per cent of its mortgages through brokers, Westpac sells 23 per cent, Commonwealth Bank sells 25 per cent and ANZ sells 36 per cent.Roy Morgan said that of the total stock of mortgages, 29 per cent were purchased through brokers. Back in 2009, the proportion was 25 per cent.