ASIC’s latest consumer financial confidence survey has revealed that more than half of Australian mortgage holders did not seek independent advice before obtaining a home loan.
Released Monday, the survey found that 46 per cent of people with a mortgage (3,609,000) are not confident they are getting the best deal on their mortgage, with ASIC noting that there is a "large portion of the population that lacks this assurance".
Over half those with mortgages did not seek independent advice (54 per cent).
This puts the number of mortgage holders that did seek advice at 46 per cent.
The latest figures from the MFAA put broker market share at 51.5 per cent for the September quarter, up from just shy of 50 per cent from the previous quarter.
ASIC found that young first home buyers seek less advice on mortgages than any other age group and are the least confident that they got the best deal on their mortgage, with 65 per cent of 18-24 year olds with a mortgage saying they are unsure or do not think they got the best deal.
“Conversely, 25-49 year old home buyers were the most likely to seek independent advice (56 per cent) and are more confident than any other age group that they got the best deal on their mortgage,” the survey said.
People living outside capital cities were less likely to have sought independent expert advice when choosing a mortgage (37 per cent vs 52 per cent).
Update: It has since come to light that the ASIC media release on which this story was based was published in 2011. Mortgage Business apologises for any confusion.