If you’ve noticed fewer bank branches in your neighbourhood lately, you’re not imagining it — and you’re certainly not alone in looking for other ways to manage your finances.
According to Canstar’s analysis of official banking data, the number of bank branches across Australia has fallen sharply — down 5% in the past year and a significant 33% over the past five years.
As banks continue to shift their services online, many borrowers are turning to mortgage brokers for the personalised support that’s become harder to find in traditional branches. With most banking now done digitally — from opening accounts to applying for loans — fewer people are visiting branches at all. Instead, they’re seeking the kind of human guidance brokers can provide, whether that’s face-to-face or online.
Brokers help borrowers understand complex lending options, compare different lenders, and manage the application process from start to finish. It’s no surprise that brokers now arrange a record 77.6% of all new home loans, up from 67.2% just two years ago, according to research from Cotality.
Unlike banks, brokers can access a wide range of lenders to help find a loan that truly suits your needs. They’re also bound by the Best Interests Duty, a legal requirement to act in the client’s best interests — something banks are not required to do.
As the traditional bank branch network continues to shrink, more Australians are choosing brokers for their expert guidance, wider choice, and client-focused service.
Considering buying a property or refinancing?
It may be worth speaking to a broker who can compare the market for you and guide you through every step of the process.