“To answer this question, KPMG conducted a survey of ‘mass affluents’ to understand their customer experiences and preferences during their home loan journey and how they vary by demographics such as age, gender, and relationship status.” (home.kpmg)
“KPMG’s mortgage market survey, The Australian Home Loan Market – Winning the fight for customers, has found that for the majority of ‘mass affluents’ taking out a home loan is in their sights in the next two years.” (home.kpmg)
“More than 600 KPMG professionals earning between $70,000 and $250,000 per annum – falling into the ‘mass affluent’ definition – were surveyed about their views of the mortgage market and their future intentions.” (home.kpmg)
The key findings of the survey were (home.kpmg):
• Continued demand exists for home loans despite rapidly rising residential prices: 63 percent of mass affluents currently without a home loan plan to apply and buy within the next two years.
• Don’t close branches just yet: 45 percent of respondents still want to apply for a home loan at a branch.
• Digital reigns supreme for research and servicing home loans: 87 percent of respondents indicated that digital channels are their preferred choice for researching and servicing their home loan.
• The increasingly important role of brokers in origination: 44 percent of mass affluents prefer to use a broker when applying for a home loan.
• Price isn’t everything for some customers: Only 9 percent of respondents who took out a loan with their existing bank did so because they were getting “the best deal”
• Loyalty to a single bank is rare: 66 percent of respondents preferred to bank with more than one financial institution.
Regarding the KPMG research, findings from the survey pose a number of key challenges that Australian financial institutions must address (1) Recognising difference, (2) Understanding channel diversity, (3) Striving for clarity, and (4) Considering cultural improvements.
Let us help you!
With interest rates at their lowest levels in decades, it pays to check whether your current home loan is still right for you. It’s a time consuming task that many people put off, even though they may have the potential to save significant amounts of money.
At Option, our primary concern is how much money we can save you. That means we work extremely hard to make sure we find your best loan option, we also check your current home loan and let you know whether you could save by switching. If you do decide to switch, we’ll do all the legwork for you to make it as easy as possible.
The cost of this consultation is 100% covered by us. Why? Because your future is important to us.
Every client we serve, we want to go above and beyond for. We want to make sure your financial future is secure – and if we do that well, you’ll be able to get your next property sooner.
How it works?
At Option Home Loans, we will meet you at a time and place that suits you. As soon as you contact us or book an appointment, one of our lending specialists will be into touch.
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