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Mortgage brokers have the responsibility to equip themselves with the knowledge about the latest government schemes for potential homebuyers, according to the Finance Brokers Association of Australia (FBAA).
Peter White, managing director at FBAA, said brokers will be able to help borrowers understand the recently announced schemes given their expertise in the market.
"Finance and mortgage brokers will be called upon to help people in a way that lenders, accountants and other finance professionals cannot. Therefore, it is essential that as soon as the details are known and rolled out, we educate ourselves on every aspect including eligibility requirements and processes," he said.
During the recent federal budget, the government announced the extension of the First Home Super Saver (FHSS) scheme, which will allow first-home buyers to release up to $50,000 of their voluntary super contributions to purchase a home.
The federal government also announced 10,000 extra slots for the First Home Loan Deposit scheme. Furthermore, it unveiled the plans to roll out the Family Home Guarantee scheme, which works similarly to the deposit scheme but is only catered to single parents.
"I also encourage brokers to promote their expertise to their clients and potential clients now and use this moment to let the public in their area know that brokers are available and able to help them understand the new initiatives and the way to access them," White said.
A recent survey from HashChing revealed that home buyers are increasingly tapping broker services for their financing needs.
The survey showed that around three in five brokers reported higher-than-usual demand for broker services from mortgage borrowers.
"It’s clear that customers across the country are looking for good deals and great service and are actively exploring their options in the housing market," said Arun Maharaj, CEO of HashChing.
The study also indicated that brokers are becoming increasingly confident about their outlook for the lending market this year.
