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SAMPLE
B: Current Residential Mortgage Borrowers
Survey
sample included a cross section of income, prime &
sub prime borrowers, residing in a wide cross section
of Adelaide’s suburbs who were servicing current
mortgage commitments. Different when compared to the
prospective first home buyers previously surveyed, were
the higher disposable household incomes of this group.
•
18% of all those surveyed had only ever purchased one
mortgage, 58% reported the purchase of two mortgages,
15% three mortgages, 9% four mortgages with the remainder
having purchased five or more mortgages.
•
Top-of-mind for mortgage lenders / brokers among this
group revealed more recall when compared to first home
buyers; all respondents could recall one lender, 97%
two lenders, 91% three, 74% four while 60% could recall
five lenders. Most commonly recalled were the major
banks and large brokers including Acquired, Assured
and Aussie with some mention of local firm Bernie Lewis.
•
When shopping for mortgage information this group displayed
similar tendencies to first home buyers with the noted
differences being; slightly less likelihood to use the
internet and less likely to take referrals or respond
to advertising.
•
Desirable loan features were also similar to the prospective
first home buyer sample with less importance placed
on features designed to bridge an affordability gap
(no deposit, family guarantees, alternative loan products
and extended terms). A line of credit was also less
important to this group when compared to the first sample.
•
Desirable broker / lender attributes for this group
were also similar when compared the first home buyer
sample. Different was less preference for budgeting
and taxation advice.
•
A preference for additional broker / lender services
also existed with this group. As with first home buyers,
a majority surveyed expressed a desire for
the
availability of insurance and financial planning advice
while just under half of those surveyed preferring the
inclusion of conveyancing services.
•
When shopping for their current mortgage, preferred
information sources were similar to the first sample
with noted differences being a lesser reliance on referrals,
professional advice and advertising.
•
When asked to compare bank and non-bank mortgage products,
this group responded in a similar fashion the first
home buyer sample with the only difference being a perception
of slightly less risk for non-bank mortgage products.
•
When assessing the desirability of a lender / broker’s
internet site features responses were similar to that
of first home buyer respondents with the only differences
being less preference for online applications and live
chat facilities.
Notable
differences between the responses of prospective first
home buyers and current mortgagees can be attributed
to differences in income, mortgage purchase experience
and facility with technology. These should be remembered
as differences not distinctions. Prospective first home
buyers will in time, become existing mortgagees. They
will increasingly display the reported tendencies of
both groups.
When
assessing the needs, preferences and expectations of
prospective consumers, a marketer must consider that
fact that consumers in many cases have difficulty articulating
their wants, with expressed preferences often the product
of current offerings in the market. In order to truly
develop a preferred position in the consumer’s
mind, a prospective service provider must consider the
entire shopping and purchase process and augment their
service accordingly. Here the focus extends beyond the
core transactions of application, approval and settlement,
and must consider the entire consumer experience. Often
little of no differentiation exists in a service provider’s
core offering, but significant differentiation can be
achieved by considering the value a consumer attributes
to the broader service experience.
Full
survey summaries are included in the pages to follow.
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