TikTok vs Chatting with Your Broker? There’s Really No Comparison

Sure, TikTok and Instagram reels are fast, fun, and don’t cost a cent – but when it comes to getting serious about a home loan, you’ve got to be careful about whose advice you’re taking.

If you’ve found yourself scrolling through this blog from a social media link, there’s a good chance you’ve spent some time watching TikTok or Instagram videos too.

In Australia alone, over 8.5 million people are actively using TikTok, and close to 14 million are on Instagram, proving both platforms are giants in the social media game here.

These platforms have been a massive help, especially during those long COVID lockdown days, keeping us entertained with everything from what a Korean office worker has for lunch to comedic sketches or even watching how families juggle breakfast for 10.

But here’s the thing – while these videos are often a blast, some content can lead you down the wrong path when it comes to financial advice.

#Mortgage: 69 Million Views and Counting

Believe it or not, around 30% of Australians look to social media for financial tips.

Research by Finder shows that many people actually act on this information, particularly younger users. In fact, almost 48% of Gen Z have made changes to their finances based on advice from content creators. Compare that to just 17% of Gen X, and it’s clear the younger generation is taking what they see to heart.

It’s really no shock. Look at the viral sensation that is #TikTokMadeMeBuyIt – sitting at a whopping 31.8 billion views and still climbing.

What’s surprising, though, is how many people head to these platforms for advice on home loans. In just the past year, #Mortgage content has racked up an impressive 69 million views on TikTok alone.

Can You Really Trust What You See on TikTok?

It’s fantastic that social media is helping to open up conversations around money. And sure, TikTok, Instagram, Facebook, and even LinkedIn can offer some valuable insights for anyone looking to get into the property market.

But, here’s the catch: anyone can post on these platforms. And when we’re talking mortgages, which are often the biggest financial decision you’ll ever make, getting dodgy advice could cost you a lot more than a few minutes of your time.

That’s why it’s crucial to know who’s behind the content.

In Australia, influencers offering financial advice have to be properly licensed before they can provide any advice on financial products.

Mortgage brokers are held to equally high standards, with strict industry guidelines around marketing and advertising. Many brokers also have the added support of compliance teams from their aggregators, making sure their content is both accurate and above board.

But don’t forget, TikTok and Instagram don’t just show you Australian content. Their algorithms pick up on your preferences and will keep feeding you similar posts – even from creators overseas where financial regulations can be vastly different, or, in some cases, non-existent.

The Takeaway

Whether you’re just starting to explore the property market or you’re looking to level up on the property ladder, social media can offer some useful tips. But when it comes to something as important as your mortgage, make sure the advice you follow is from a licensed Australian-based mortgage broker.

Better still, Osinski Finance is here to help you find the right home loan solution for your needs – whether you’re after fixed-rate home loans for stability, low doc home loans for flexibility, or low deposit home loans to get you into the market sooner.

Sure, we might not go viral with TikTok dance moves, but we’re unbeatable when it comes to providing expert, tailored home loan advice. Get in touch today, and let us help you secure a loan that works for you, faster than you can scroll through your next #HomeLoan post!

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.