Mobile internet is changing the mortgage market

Widespread mobile in Australia is changing the mortgage market, according to one leading independent broker.

Mortgage Choice claims that the ubiquity of the internet is driving people towards online banking and this in turn is a good thing for competition in the mortgage industry.

Speaking to the Australian, the firm's chief executive officer Michael Russell claimed that in the near future it is likely that independent brokers will be responsible for more than half of Australia's home loans thanks to the growth in mobile referrals.

Mobile has become a major focus for Australian financial institutions in recent months and among the pioneers of the new technology is Westpac.

The bank recently introduced a new mobile payment system. The trial, known as the Android Mobile Contactless Payment solution, is being run in conjunction with tech-giant Google and international payment specialist MasterCard.

It incorporates the very latest in near field communications (NFC) technology, which allows for contactless payments.

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