As Banks Retreat, Brokers Take The Lead

Fewer branches don’t have to mean fewer options.

Canstar reports that the number of bank branches has fallen 5% in the past year and 33% over five years as banks shift services online. That means fewer face-to-face options and longer wait times for support.

But at the same time, Australians are choosing brokers in record numbers.

New data from Cotality, commissioned by the Mortgage & Finance Association of Australia, shows brokers now write 77.6% of new home loans, up from 67.2% just two years ago.

Why more borrowers are turning to brokers

• More choice. Brokers compare dozens of lenders, not just one.
• Personal support. They manage your application from start to finish.
• Your interests first. Brokers are legally bound by the Best Interests Duty – banks aren’t.

As banking moves online, having a broker means having real help when you need it.

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