Do you have a Mortgage Broker in your phone contacts?
Do you lodge your own tax return or get a tax agent to do it for you?
Well according to the ATO in an article published in June 2016, 74% of Australian choose to use a registered tax agent.
Are you the type of person that would prefer to utilize a tax agent to prepare the paperwork, someone who knows the rules, can maximize your potential refund & save you time?
I know personally, I use an Accountant to prepare and lodge my tax return.
The rules change on a regular basis, I have to learn the information again as I don’t do if often enough to keep up with the changes and the biggest factor of them all, I don’t enjoy it.
It looks like 74% of the population could relate to that. So much so that they are prepared to spend a bit of that potential tax refund and employ a specialist to do the work for them.
The same strategy and benefits can be deployed by utilizing the services of a Mortgage Broker.
The Australian public are starting to see it the same way.
According to the Australian Bureau of Statistics (ABS) Comparator quarterly surveys, the number of mortgages prepared nationally by mortgage brokers in 2002 was 18% with a constant increase in market share to 2016 taking the number to 53%.
A key difference being that you don’t need to share a part of the potential savings with your mortgage broker.
The industry is regulated by the Government and commissions are virtually the same between lenders to keep an even playing field. So there is no commission benefit of one lender over another.
Having an even playing field puts the focus on loan features, service levels & delivering tangible benefits to your clients.
The banks & lenders are happy to pay Mortgage Broker a fee for introducing a qualified client. The lenders receive an application that has already been researched, the application is packaged with all the supporting documents attached.
For the lenders, it’s like ordering take-away for dinner delivered to the door instead of cooking it from scratch.
Lenders see borrowers being introduced by a Mortgage Brokers as being a more efficient method then maintaining a network of 1000’s of branches across the nation.
Across Australia, according to deposits.org the big four banks have a branch network of:
748 – National Australia Bank
794 – ANZ
1026 – Commonwealth Bank
1270 – Westpac
If you are more inclined to get a tax agent or accountant to do your tax return as you can see the value in it.
Then a Mortgage Broker is the next professional you want to place in your phone contacts.
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