{"id":5485,"date":"2024-09-19T10:18:42","date_gmt":"2024-09-19T00:18:42","guid":{"rendered":"https:\/\/financialplus.com.au\/?p=5485"},"modified":"2024-09-19T10:18:42","modified_gmt":"2024-09-19T00:18:42","slug":"tiktok-vs-talking-to-your-broker-its-no-contest","status":"publish","type":"post","link":"https:\/\/financialplus.com.au\/tiktok-vs-talking-to-your-broker-its-no-contest\/","title":{"rendered":"TikTok vs talking to your broker? It\u2019s no contest"},"content":{"rendered":"

\"\"TikTok and Instagram reels are fun, fast and free \u2013 but it\u2019s important to be picky about whose content you\u2019re viewing, especially if you\u2019re in the market for a home loan.<\/strong><\/p>\n

Chances are, if you\u2019re reading this blog via a social media site, then you\u2019ve also watched a TikTok or Instagram video before, too.<\/p>\n

In fact, more than\u00a08.5 million Australians are active on TikTok<\/a>\u00a0and\u00a0almost 14 million on Instagram<\/a>\u00a0\u2013 making both platforms key players in Australia\u2019s social media landscape.<\/p>\n

Social media platforms certainly helped us while away the hours during COVID lockdowns, and they\u2019re still keeping us entertained as we check out what Korean office workers eat for lunch, short clips of our favourite comedians, or discover what a family of 10 has for breakfast.<\/p>\n

But while many of the videos seem like harmless fun, there are some pitfalls you might want to avoid in the financial services landscape.<\/p>\n

69 million views for #Mortgage<\/h3>\n

Interestingly, almost one-in-three Australians (30%) say they turn to\u00a0social media for money guidance<\/a>.<\/p>\n

And Finder research shows people act on what they see, especially younger subscribers.<\/p>\n

Almost one-in-two Gen Zs (48%) have taken action on their finances following guidance from a content creator, compared to 17% of Gen X.<\/p>\n

That\u2019s no real surprise. After all, the hashtag #TikTokmademebuyit has gained\u00a031.8 billion lifetime views<\/a>\u00a0and counting.<\/p>\n

What is surprising, is how many Australians head to TikTok or Instagram looking for home loan tips.<\/p>\n

For example, #Mortgage content has racked up\u00a069 million views<\/a>\u00a0on TikTok alone in the past 12 months.<\/p>\n

Knowing who you can trust on TikTok<\/h3>\n

On one hand, it\u2019s great that social media is breaking down money taboos.<\/p>\n

And there\u2019s no doubt that TikTok, Instagram, Facebook and LinkedIn can be handy sources of information for home buyers.<\/p>\n

The catch is that almost anyone can post on social media, and when we\u2019re talking about mortgages, which is the largest financial decision most people will ever make, the last thing home buyers need is dodgy advice.<\/p>\n

So it pays to check who is behind the video.<\/p>\n

Australia is one of the few countries globally where\u00a0influencers on social media have to be suitably licensed<\/a>\u00a0before they can offer advice on financial products.<\/p>\n

Mortgage brokers also have to follow strict industry rules when it comes to marketing and advertising. And many brokers are supported by their aggregator\u2019s compliance team who double-check content for accuracy and other legalities.<\/p>\n

However, TikTok and Instagram don\u2019t just show videos created by Australians.<\/p>\n

The platforms\u2019 algorithms are designed to deliver more of the same sort of content you\u2019ve shown an interest in.<\/p>\n

So, it\u2019s likely that if you start watching posts on financial strategies around home loans, debt recycling, debt consolidation or property investment strategies, you could come across content created by people based outside Australia, in countries where the rules are far less rigid, different, or non-existent at all.<\/p>\n

The bottom line<\/h3>\n

No matter whether you\u2019re just starting your home buying journey, or you\u2019re ready for the next step on the property ladder, social media can be an entertaining and accessible source of information.<\/p>\n

Just be sure to check that any content you\u2019re viewing on home loans or investment property loans comes from a licensed mortgage broker based in Australia.<\/p>\n

Better still, pick up the phone and give us a call.<\/p>\n

Sure, we\u2019d (probably) lose in a dance-off against your average TikTok creator.<\/p>\n

But we can provide you with home loan information tailored to your situation. And that can give you a lot more value \u2013 potentially in a lot less time \u2013 than trawling through thousands of #homeloan videos and posts.<\/p>\n

Disclaimer:<\/strong>\u00a0The 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

TikTok and Instagram reels are fun, fast and free \u2013 but it\u2019s important to be picky about whose content you\u2019re viewing, especially if you\u2019re in the market for a home loan. Chances are, if you\u2019re reading this blog via a social media site, then you\u2019ve also watched a TikTok or Instagram video before, too. In […]<\/p>\n","protected":false},"author":23,"featured_media":5486,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[110],"tags":[],"class_list":{"0":"post-5485","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-home-loans","8":"entry"},"yoast_head":"\nTikTok vs talking to your broker? 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