Australians less likely to apply online for mortgages

A new survey conducted by the data analytics company FICO has found that Australians are less likely to apply for a mortgage digitally compared to the global average, with only 30 per cent of Australians willing to do so if they had the opportunity. 

Comparatively, the global average is 34 per cent, with South Africa as the modest outlier at 43 per cent.

According to FICO, its latest digital banking survey also revealed that, despite relatively high levels of ease and confidence in applying for day-to-day online financial products, 61 per cent of the customers surveyed expected greater rigour when it comes to mortgage applications.

Furthermore, the survey also found that 69 per cent of Australians want to prove their identity online, and that two in five Australians would abandon an online banking application if there were more than 10 questions. 

Additionally, one in six would fail to complete an application if there were more than five. 

The findings share a similarity with Momentum Intelligence’s Consumer Access to Mortgages Report that surveyed 1,036 consumers between January and April this year and found that 60 per cent of borrowers intend to use a mortgage broker the next time they take out a mortgage. 

Additionally, the report found that 83 per cent of broker clients would return to the channel for any future lending needs, and that 72 per cent of consumers who had engaged a mortgage broker in the previous 12 months said they were satisfied. 

[Related: Why this digital bank is backing brokers]