HIGHER HOME LOAN FEES?
Less choice and even less competition
Get behind the fight to save the mortgage broking industry.
Say no to less choice and higher interest rates, and say yes to customer satisfaction and small business.
The mortgage broking sector is currently under threat. Despite the recent banking royal commission uncovering misconduct and even criminal activity within Australia’s big banks, that same royal commission has proposed potential changes that would suffocate the mortgage broking channel and force Australian home loan consumers to be at the mercy of the big banks. It doesn’t make sense.
Don’t burn borrowers
Last year, mortgage brokers helped hard-working Australians secure finance for 59.1% of the country’s home loans.
By removing competitive pressures the big banks will have greater freedom to raise interest rates.
In 2017-18, the Financial Ombudsman Service received 11 complaints regarding mortgage brokers, compared to 11,396 regarding banks.
How will squashing the mortgage broking channel and pushing home loan customers into the hands of the big banks improve outcomes for borrowers? It won’t.
Brokers review and support various big, small and non-bank lenders to find the home loan that suits the borrower.
Non-major banks distribute 70% of their home loans through brokers.
Every way you look at it, suppressing the mortgage broker channel just gives more power to the big banks and gives borrowers less choice.