We know that 60% of consumers prefer using a mortgage broker for their home loan but now statistics have recently been released advising that 81% of borrowers who are looking at upgrading prefer a mortgage broker. When we set out to build a mortgage brokerage we wanted to alleviate the stress in finding a reliable broker or getting the right financial support for their financial freedom.
The ING Homeownership Survey Report, which looks at motivations and sentiments around buying an upgraded home. With the average homeowner willing to increase their mortgage by $235,000. It’s easy to see why higher mortgage repayments or the fear of being declined finance was the key reason that held back homeowners from upgrading. The average Australian “upgrader” is motivated to buy a new property because they are looking for the following:
- A “nicer house” — properties with three (or more) bedroom home
- Property upgrade – more outdoor space
- Location & area – a better suburb or a more family friendly area to raise children.
At BlueCherry we believe this is the case for a growing number of homeowners we deal with that have complex financial positions such as keeping their current property and renting it out whilst upgrading to a new property. Upgraders are looking for a better deal after settling a loan with a lender without any regular interest rate reviews since taking out their home loan initially.
At BlueCherry, we conduct annual rate reviews which differentiates us in the marketplace between our competitors. Our aim is to ensure you are getting the best deal in the market at the time and with the current housing market, when is the last time you reviewed your home loan?