Survey says mortgage brokers becoming more popular as people look for home loans
Having your finances in order is becoming even more important, if the results of a recent survey of property investors are anything to go by.
The results of the 2015 property investment Professionals of Australia (PIPA) Annual Investor Sentiment Survey were released this week, and nearly a third of the more than 1000 respondents said securing finance had been a difficult task in recent times.
32% of respondents said the changes to lending policies instituted by banks and other lenders after the Australian Prudential Regulation Authority’s investor lending crackdown had made it more difficult to get a home loan.
That figure may explain why more than half of the respondents to the survey said they had used the services of a mortgage broker recently.
66% of respondents said the last home loan they had received had been arranged by using a mortgage broker.
“mortgage brokers are an important source of finance advice for investors,” PIPA chair Ben Kingsley said.
“They tend to better understand the investment lending landscape and offer great choice to investors,” Kinglsey said.
With the results showing more people are turning to professionals such as mortgage brokers, they also show people want better regulation of the property industry.
The survey found that a significant 67% of property investors believe Australia needs a more comprehensive education program for property investment and 91% believe that people who recommend property investment should be regulated and licensed.
“Unlike other asset classes, property is not classified as a financial product by ASIC and the provision of property investment advice remains unregulated,” Kinglsey said.
“PIPA is continuing to lobby the federal government to bring property investment advice into a regulatory framework and we remain dedicated to supporting a healthy, sustainable property investment industry where education and regulation support good outcomes for all involved.”
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