Brokers rank high with young home buyers

According to the results of the latest MFAA/BankWest Home Finance Index, approximately 42% of people surveyed under the age of 29 were likely to use a mortgage broker to secure home finance. In addition, 31% of first home buyers already intended to use a broker for their first home purchase.

Brokers were also ranked by first home owners as the third most important source of information for researching home loan options behind the ’internet’ and ‘own research’.

There are wide expectations that recent government incentives and a sharp decline in the cash rate will boost first home buyer activity in early 2009.

An analysis of ABS September 2008 housing figures by RP Data showed that New South Wales, Victoria, South Australia and Western Australia recorded their highest number of first home buyers since September 2001.