Mortgage brokers vital to home buyer education and financial wellbeing

In today’s economic climate of rising living costs and financial uncertainty, home buyer education via mortgage brokers is key to ensuring more people have the opportunity to achieve financial wellbeing through home ownership. Equipped with the necessary tools and resources, mortgage brokers are being increasingly seen in the market as trusted, reliable advisors and supporters to home buyers often overwhelmed by the process.

Helia’s Spotlight provides the latest home buyer insights

In order to support and educate hopeful home buyers, mortgage brokers have a responsibility to lead the way and understand home buyer sentiment, including key areas of difficulty.

According to Helia’s July Spotlight (quarterly pulse survey), whilst the vast majority of prospective home buyers believe it’s increasingly difficult to save for a deposit amid rising living costs, 47% are either actively researching or seeking to purchase in the next quarter.

The survey also found that 62% of prospective and recent home buyers agreed that mortgage brokers are their most trusted source of information, alongside their friends, family and partner.

Supporting home buyers to overcome the deposit barrier with the right tools

Helia’s research has shown that the greatest barriers to owning a property are housing affordability and saving for a deposit. This is often when prospective home buyers are most likely to seek the support of a professional, according to the July Helia Spotlight.

Helia’s award-winning Deposit Comparison Estimator tool provides insights for aspiring home buyers with less than a 20% deposit. The Estimator helps mortgage brokers educate their clients on the potential benefits of different options, to suit individual circumstances.

As housing affordability constraints and deposit gaps intensify, mortgage broker education is more important than ever to support aspiring home buyers in being able to make more informed decisions. Awareness of Lenders Mortgage Insurance (LMI) and other home ownership solutions is growing, and mortgage brokers have an important role to play in continuing to educate home buyers, with a focus on financial security and wellbeing.

Helia, Chief Commercial Officer, Greg McAweeney said: “Our educational framework also includes tools and resources to support lenders and brokers in conversations with home buyers about the appropriate pathway to home ownership for their unique circumstance.”

Educational resources to support first home buyers at every stage of their journey

The Helia Spotlight found first home buyers recognise the importance of engaging a mortgage broker, with more than 81% of survey respondents confirming brokers provide valuable support and guidance through the home buying process.

To assist brokers in continuing this invaluable support, Helia has published a suite of resources for first home buyers. The resources have been developed specifically to help mortgage brokers have conversations with first home buyers about their deposit options, plan their entry into the property market and buy a home.

The resources include: a case study that illustrates how couple Dylan and Ben stopped paying rent and bought their home with the help of LMI; a Buying your first home’ ebook to guide first home buyers through the process; answers to home buyers’ frequently asked questions; and an ‘Understanding your home loan’ explainer to help first home buyers choose the most appropriate home loan option for their individual circumstances.

An expert partner in education

The Deposit Comparison Estimator and first home buyer resources are part of Helia’s ongoing commitment to home buyer education and support for mortgage brokers. With customised tools and resources, mortgage brokers can continue to have vital conversations with home buyers and support them at every stage of their journey to financial wellbeing.

“We know from our research that aspiring home buyers feel the home buying experience can be stressful and confusing. Borrower education therefore plays a critical role and mortgage brokers have a significant opportunity to get involved earlier in the process. They can guide and support first home buyers by helping cut through the complexity of the buying process; from budgeting and saving for a deposit, to receiving final approval on the right home loan for them”, says McAweeney.

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