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Would you use a broker to buy Carlton property?

By Louise Morrin

Finding a mortgage that suits your budget and future plans is critical when buying property in Carlton, and it seems a growing number of people are turning to brokers to make their dreams a reality.

March quarter data from the Mortgage and Finance Association of Australia (MFAA) shows that not only have brokers increased their market share, but the value of the loans they approve has also risen. CEO of the MFAA Siobhan Hayden even admitted she was surprised by the figures, especially as they represent a generally quiet time for the market.

"Homebuyers are realising the benefits of working with an accredited finance broker more than ever before, which strengthens the credibility and increases the profile of our profession," said Ms Hayden.

What the figures show

According to the data, mortgage brokers were responsible for 53.7 per cent of new residential home loans in the three months to March. A year earlier, they accounted for 51.9 per cent of the market.

This follows information released by the Australian Bureau of Statistics (ABS), which suggested that owner occupiers might be finding it more difficult to secure the finance they need. March data from the ABS showed that between February and March, the value of dwelling commitments was down 1.2 per cent, while the total number of loans fell 0.9 per cent.

As for first-time buyers, they made up 14.2 per cent of housing finance commitments, down from 14.6 per cent a month earlier. However, this was before the official cash rate was reduced, so there could be room for improvement over the coming months.

No matter how you decide to arrange your mortgage, it's essential to have an experienced real estate agent in Carlton on hand. They can discuss what options are available in the local area and ultimately help you come to a decision that suits your needs.

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