Over a third of Australians are more likely to seek assistance from a mortgage broker now than prior to the COVID-19 crisis, new research has revealed.
According to new research – which involved a survey of 2,792 Australians between 4 June and 17 June 2020 – 65 per cent of Australians have lost confidence in their property goals in response to uncertainty caused by the COVID-19 pandemic.
Consumer confidence in the housing market has fallen from 76 per cent in January (when the survey was last conducted) to just 46 per cent in June.
Accordingly, 61 per cent of respondents have said their goals have changed, of which, 35 per cent have delayed their plans. However, despite the uncertainty, 42 percent of respondents said they would like to advance their ambitions but do not know how with over half (54 per cent) wanting more guidance.
As a result, over a third (36 per cent) of respondents said they would be more likely to seek the services of a mortgage broker now than before the COVID-19 crisis.
The research suggests that there remains strong interest in the property market, particularly amid new state and federal government incentives.
Brokers have a unique opportunity to help such borrowers navigate through market complexities.