Originally published: The Adviser, 15 March 2023
More younger borrowers are seeking out brokers for assistance as rates continue to rise and as the fixed-rate loans come to an end, new research says.
Commissioned by Resolved Finance and conducted by Pureprofile, a survey of more than 1,000 borrowers found that 56 per cent of Gen Z borrowers aged 25–35 and 54 per cent of Millennial borrowers aged 34–44 intend on using a broker to help traverse the mortgage market when their fixed-term rates expire.
This revealed an increase from the 42.5 per cent of Millennials (which was reported in 2018 by Roy Morgan) five years ago when the official cash rate sat at 1.5 per cent.
