The latest joint Mortgage & Finance Association of Australia (MFAA) and BankWest Home Finance survey of mortgage borrowers continues to vindicate brokers against the view they are less responsible than the banks in granting home loans.

The survey, showing those who have loans through a broker are marginally less likely to struggle with repayments than borrowers with loans directly from a bank, are welcome news in an industry which struggles to get funds.

Phil Naylor, MFAA chief executive officer, told Lending Central findings had been consistent over the last two surveys, showing borrowers rated brokers, in terms of their service, higher than they ranked the banks.

“A lot of criticism has been directed at brokers over the years, including accusations that brokers recommend loans that are inappropriate, and claims that broker assisted loans have higher default rates,” he said.

“(But) bad stories (about brokers) are fairly minimal these days and I think quite clearly the majority of consumers see good in brokers and that’s why the market share is on the increase,” he said

The consumer survey showed 67.5% of bank customers against 69.7% of broker customers were not struggling to meet their mortgage payments; while 32.5% of bank customers but only 30.3% of broker customers were struggling.

“This survey has again shown that consumers have a very high awareness of brokers, and appreciate the benefits a broker offers such as doing the leg work and offering a wider range of loans,” Phil Colton, BankWest head of broker sales, said.

“Brokers had a satisfaction rating of 7 out of 10 which shows customers who use brokers are pleased with the service they are offered.”

He said brokers were another channel for customer to choose their mortgage and respondents to the survey said other key benefits when using a broker included their expertise in a range of mortgage products from various providers and the ability to get the right loan for different circumstances.

The survey also showed the petrol and food had a greater impact on household finances than interest rates.

Naylor said the more expensive groceries and petrol meant consumers were feeling the pinch regardless of whether they had a mortgage or not.