Consumers show little loyalty to lenders when they consider a new home loan or attempt to refinance, according to leading mortgage broker Loan Market Group.

Loan Market Group Chief Operating Officer Dean Rushton said the global financial crisis had changed the lending landscape, particularly for people looking to enter the property market.

Mr Rushton said independent research conducted on behalf of Loan Market Group found first time buyers had virtually no loyalty towards lenders, particularly the major banks.

“They are looking for the best deal they can get so it doesn’t matter to them whether they have had a long standing relationship with a particular bank or any other lending institution through a savings account or other dealings,” he said.

“And even if they secure a loan with a certain lender they can see themselves refinancing several times during the life of a loan if they believe they can get a better deal.”

Mr Rushton said the research had found first home buyers were also doing their homework due to tougher lending criteria.

“First home buyers are knowledgeable and if they’re not they get themselves up to speed quickly,” he said.

“The lending landscape provides them with a lot of options and they want to make sure they are in control and are not being talked down to.

“While in many cases they have done their homework, the first time buyers will often look to a mortgage broker to uncover any discount opportunities, close the deal and complete the paperwork.”

Mr Rushton said people upgrading their properties and investors showed more loyalty to lenders than first home owners but were still prepared to jump ship if necessary.

“The lending market is more sophisticated and access to the internet has enabled buyers to be better informed about the different products and services available,” he said.

“Brokers can help buyers evaluate the different options. Consumers are generally positive towards brokers and they are most valued for doing the hard, leg work and being a source of validation for the information consumers have obtained.

“Having confirmed and possibly added to the options available to buyers, brokers play a key role in finalising either a new loan or assisting with refinancing.”