About three-quarters of homebuyers are now using mortgage brokers, according to the latest data from Comparator.

In the September quarter, brokers originated a record-high 74.6% of all new home loans, while banks originated a record-low 25.4%.

Choice is the number one reason homebuyers prefer brokers – a broker will compare home loan products from a range of lenders on your behalf, while banks will tell you about their own products only.

For the same reason, many people who already own their own home turn to brokers when they’re thinking about refinancing.

It’s generally a good idea to consider switching home loans every few years, because lenders often give special deals to new customers. The Australian Competition & Consumer Commission’s most recent home loans inquiry found that borrowers with home loans between three and five years old paid, on average, 0.58 percentage points more in interest than those taking out new loans.

That’s why you could potentially save tens of thousands of dollars over the life of your loan by refinancing to a comparable loan with a lower interest rate. If you’re thinking about refinancing, get in touch – I’ll be happy to crunch the numbers for you, to see how much you could save by switching loans.