What worries Aussie borrowers the most

The current housing downturn continues to worry many Australian’s who have a mortgage or looking to buy a property.

The biggest concerns were

1. That they would be rejected by a bank when they apply for home loans (30%)
2. Getting a low valuation for their property (40%)
3. Concerned about the affordability of house prices and the type of property they would like to buy

As banks continue to tighten their lending rules, qualifying for a home loan remains a source of anxiety.

Pepper Money director for sales and distribution Aaron Milburn said brokers have an essential role in ensuring that borrowers and would-be homebuyers are informed of their choices.

“With a volatile property market and pullback from the big banks in certain parts of the lending market, consumers will be looking to trusted experts more than ever to help them determine the best solution for their situation,” he said.

Brokers should pay close attention to the concerns of their clients.

“Consumers look to brokers and to lenders to help them navigate the complexities of the lending process. Their minds are on bigger issues, like how to get the best rate possible and whether their property will get a decent valuation,” he said.

Brokers can present borrowers with alternative options, would better cater to the needs of their clients.

“There’s a wide array of lending solutions available because of alternative, non-bank lenders. Consumers need to know that there are quality alternatives beyond the big banks, which they may find are tightening their lending criteria,” he said.

Lenders Domain provides specialist knowledge to assist clients in structuring and choosing the appropriate solutions to suit their current and future needs.

Whichever broker you use, ensure that they are not only providing a valuable service but understand your plans and circumstances