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MFAA Prosper : Mortgage and Finance Brief 08
Mortgage brokers are the most popular source of information for first-home buyers, last month's First Homeowner Survey from Mortgage Choice revealed. Forty per cent of respondents said brokers were their favourite point of contact for mortgage advice, with lenders (19%) and parents (19%). Thirty-two per cent of the 803 respondents also stated they chose a product because it was offered by a lender they banked with. Over 25% did not know their home loan's interest rate, while almost one in every five had taken on significant extra debt in the first two years. Eighty-three per cent had no regrets about their purchase and 63% were making higher than necessary loan repayments, with 33% of these contributing as much as they could and leaving it in the account to offset the interest owed. Sixty-four per cent intend to keep the property as an investment after they move. Numbers game for first-home buyers Brokers could earn up to $18,000 more per year by making better use of credit reports, a new survey has claimed. The study, released by data and analytics company Veda Advantage, found that brokers are 5.4 times more likely to detect adverse credit information by using consumer credit reports. By detecting adverse credit earlier, brokers can save time by identifying potential problems earlier in the process, which therefore enables them to use their time more productively. "Taking into account the extra loans brokers can write due to time saved using credit reports, together with their increased ability to improve conversion rates on written loans, the simple step of checking a credit file can lead to a total benefit of around $18,000 extra a year," said Angus Luffman, Head of Consumer Risk at Veda Advantage. "Poor credit history is a major cause for mortgage application rejection, and an applicant's adverse credit history is a strong predictor of future payment behaviour. Ordering a credit report early in the loan process allows brokers to focus on high-quality business rather than wasting time on loans that may not progress." Credit reports vital in NCCP era 'Support women in banking' says report A study into the experiences of women in banking and finance has revealed that the existence of negative stereotypes about women in the sector can lead to decreased job satisfaction, decreased mood, more negative emotions, and long-term stress. Leadership and strategy company Consortia, which conducted the survey, commissioned by Women in Banking & Finance, recommends financial organisations should support women to develop resilience against the harmful effects of negative stereotypes, and they should implement supportive leadership programs across the organisation. Package deals popular Home loans that can be packaged with transaction accounts and credit cards are becoming increasingly appealing to consumers, a study by Canstar Cannex has found. The survey said that on a mortgage of $500,000, savings could amount to over $220 per month, and in excess of $67k by the end of the loan's term. *For more on diversifying your offer, turn to page 50. It's good to virtually talk Almost half of the Australian population visits Facebook every month, the latest Social Media Statistics have revealed. And that means that social media sites are becoming an increasingly valuable tool for businesses to communicate with their customers. Around 9.8m unique Australian visitors headed to Facebook, while 6.7m visited Youtube, 2.2m viewed Blogspot, and 1m headed to Twitter. * For more on how brokers are using social media, turn to page 18. 14 | Mortgage & Finance brief News
Mortgage and Finance Brief 07
Mortgage and Finance Brief 09