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Over 50% of borrowers completely trust brokers

EXCLUSIVE A new report released this week shows Australians have increased their trust in mortgage brokers since 2021.

Trust is a long-term key relationship measure, developed over an extended period after multiple quality interactions between the consumer and the broker.

It is an indication of a consumer’s ability to have every confidence that their broker will act in their best interests and strive to secure a deal that meets their objectives and even improves their financial wellbeing.

As such, brokers are typically expected to engender higher levels of trust among consumers because of the long-term, high-quality relationships they form with their clients over many years.

The 2022 Consumer Access to Mortgages Report has revealed an uptick in trust levels in the broker channel, with 87 per cent of respondents saying they trust their brokers. This is up from 84 per cent in 2021.

However, overall trust in the channel was lower than in 2020, when 89 per cent of respondents said they trusted their brokers.

The 2022 survey found that only 53 per cent of consumers completely trust their brokers, while 34 per cent somewhat trust them.

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Global distrust growing

It is worth noting that Australians are among a growing group of developed nation populations who have become increasingly distrusting. Only 60 per cent of Australians trust the RBA, according to the 2022 Edelman Trust Barometer, which is now in its 22nd year and surveyed over 36,000 people in 28 countries.

Australia is one of nine developed countries where citizens do not trust the financial services sector, according to the report. It found that only 48 per cent of Aussies trust the sector, down from 50 per cent last year.

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