In a clear sign that the Australian public was spooked by the Coronavirus well before any government action, Google search volume for mortgage ‘refinance’ has spiked 144%.
The data from Google Trends shows that the interest ‘refinance’ related terms was sitting at about 41 points just before Christmas 2019. This metric hit the highest possible interest rating of 100 points in the week March 15 – 21, 2020.
Why has the Google search volume for refinance increased so much?
The jump in COVID-19 induced searches for ‘refinance’ and ‘mortgage refinance’ related terms on Google shows that borrowers are anxious about their financial future. Every individual case will be unique, but anecdotal evidence so far suggests the following use-cases are driving the increase in enquiry:
- Borrowers seeking a lower rate to reduce loan repayments
- Borrowers wanting to ease family cash-flow during a crisis
- Cash out for a ‘buffer’ to cover for possible future unemployment
- Sole traders are seeking to release home equity as cash to fund business survival
What does Coronavirus mean for Mortgage Brokers?
Clearly the community will be looking to mortgage brokers in this time of need for guidance, and for wise counsel. It is an opportunity for mortgage brokers to more deeply engage with their existing customers. It may also be the time to acquire leads for people who are out there actively looking for a new home loan.
How can Wealthify Mortgage Lead Generation help?
Wealthify generate the majority of our mortgage broker leads directly from Google. If you have a mortgage business and you’re seeking to tap into the rising Google search enquiry for refinancing, we can help. Wealthfy mortgage lead packs offer brokers a low-risk way to access this online activity:
- Lead quotas guaranteed – you’ll always get the volume of leads you pay for
- Instant, real time delivery of leads to your inbox
- 99.9% accuracy on mobile phone number data
Check out our Mortgage Broker lead packs, or feel free to call the office for a chat on 1300 41 00 81.