Mortgage brokers vital to home buyer education and financial wellbeing

The role of mortgage brokers in educating and supporting homebuyers is crucial in today’s economic environment of rising living costs and financial uncertainty. With the necessary tools and resources, mortgage brokers are increasingly viewed as trusted and reliable advisors and supporters for homebuyers who are often overwhelmed by the market.

According to a recent survey by Helia, a mortgage comparison website, although most potential homebuyers find it increasingly difficult to save for a down payment in the current economic climate, 47% are actively researching or seeking to purchase in the next quarter. The survey also found that 62% of potential and recent homebuyers consider mortgage brokers to be their most trusted source of information, alongside friends, family, and partners.

Helia’s award-winning deposit comparison estimator tool provides insights into deposits below 20% for aspiring homebuyers. The estimator helps mortgage brokers introduce potential benefits of different options to clients based on their individual circumstances.

As housing affordability constraints and deposit gaps intensify, educating homebuyers is more important than ever for mortgage brokers to support aspiring homebuyers in making more informed decisions. Brokers can play an important role in continuing to educate homebuyers on mortgage insurance (LMI) and other homeownership solutions, with a focus on financial security and well-being.

To help brokers continue to provide valuable support, Helia has released a set of resources specifically designed to help brokers engage with first-time homebuyers about their deposit options, plan their entry into the real estate market, and purchase homes. These resources include case studies, an e-book on “Buying Your First Home,” answers to common questions, and a “Know Your Home Loan” interpreter to help first-time homebuyers choose the most suitable home loan option based on their individual circumstances.

“Our education framework also includes tools and resources to support lenders and brokers in having conversations about appropriate pathways to homeownership for their unique situations,” said Greg McAweeney, Chief Business Officer at Helia.

The deposit comparison estimator and first-time homebuyer resources are part of Helia’s ongoing commitment to educating homebuyers and supporting mortgage brokers. With customized tools and resources, mortgage brokers can continue to have important conversations with homebuyers and provide support at every stage of their journey towards financial health.

“We have learned from our research that aspiring homebuyers can find the home buying experience stressful and confusing. Therefore, borrower education plays a crucial role, and mortgage brokers have a great opportunity to get involved early in the process. They can guide and support first-time homebuyers by helping to reduce the complexity of the purchase process; from budgeting and savings deposits to obtaining final approval for a home loan that suits them,” McAweeney said.

If you’re looking to refinance your home or need assistance from A Mortgage Broker, Speed Lending in North Sydney, now may be a good time to explore your options in this quieter market.

The information provided is general information only and has been prepared without regard to your objectives, financial situation or needs. We recommend that you consider whether it is suitable for your situation. Before accepting any offer or offering, your full financial situation needs to be reviewed. This article does not constitute legal, tax or financial advice and you should always seek professional advice based on your individual circumstances. Fees and charges and eligibility criteria apply, subject to the lender’s terms and conditions.

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