Debbie Shankar - 6 Apr, 2016

What do Aussies Search for in a Mortgage?

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Australian home buyers look for value when searching for a home loan, and they seek out an easy-to-use service that reduces the time and effort that they need to put into securing a mortgage. So for a mortgage broker who is looking to gain an edge in the industry and generate more leads, it is recommended that they look at ways to add value to a customer’s experience when a customer visits their website.

The Better Business Summit

According to Google’s Performance Solutions Head, who recently spoke at the Better Business Summit (BBS), an award-winning business conference that is aimed at helping businesses grow and develop, brokers who are seeking an industry edge need to understand how Australian’s research mortgages and what determines their selection of a broker. By knowing more about their customer, brokers are able to provide a better service.

Based on data recently disclosed at the BBS, more than 60% of Google searches were typically for a mortgage calculator. While this doesn’t sound encouraging at first, the Google spokesperson suggested that by having a mortgage or borrowing power calculator on a brokerage website you are able to attract potential customers.

Most mortgage calculator users, according to the Google spokesperson, were wanting to find out how much their home loan payments would be. However, others were exploring rate changes and any additional costs, and how much they could afford to borrow. According to the Google representative speaking at the summit, 50% of users were in search of a mortgage calculator, 20% were in search of borrowing power estimations and 10% in search of rate change costs. eChoice offers all customers a FREE home loan report including, their borrowing power, the lowest interest rate available and how many lenders they qualify for, click here to receive yours.

How Brokers Can Add Value for Customers

Many brokers tend to undervalue the meaning of such resources to a potential customer. If a calculator user had a good experience said the Google representative, then they were more likely to use other services that the broker offered. According to google findings, 3-out-of-4 people said a good mortgage calculator experience influenced who they chose for a home loan.

Research into why an individual decided to use a mortgage broker suggests there are five main factors that influence a home buyer’s decision to use a broker.

Factors being as follows:

  1. The broker needed to be able to provide value for money by providing the lowest interest rate, or offering the lowest weekly, fortnightly or monthly repayment amount.
  2. The ease of doing business, with the broker being easy to talk to and being able to explain, sometimes, confusing terms.
  3. The transparency of lending terms and conditions.
  4. The loan structure, which included payment terms, loan flexibility, and the overall loan package.
  5. Lastly, the reputation of the lender and the brand of the product influenced a home buyer’s decision to use a broker.

The Google representative also mentioned the importance of home loan technology in allowing for home loans to be approved in sooner. eChoice brokers have access to an industry leading CRM platform known as FleaTS. A finalist at the Australian Broking Awards in 2014, FLeaTS (Fulfillment Lead Tracking System), is an end-to-end technology platform designed and built in house by the eChoice development team. With ongoing updates and investments, it ensures that eChoice brokers are supported and empowered to service their clients faster, more easily and with greater care.

The Google representative said that the power of customer data was significant. By a broker getting to know their customers better, understanding what these customers want and how they wish to use a broker’s service, brokers can then use this information to drive their business forward. By creating a positive experience for their customers, brokers can gain the competitive edge they need. This can include using social media to connect and to enhance the customer experience and providing customers with a warm, welcoming and friendly service, one that builds a strong rapport with the customer over the lifetime of their loan.

Want to know more about home loans? Then contact eChoice and find the right home loan for you today.

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