Get the facts
Don’t burn borrowers
The Issue / Background
If the Royal Commission’s recommendations regarding the mortgage broking industry are adopted, it will be to the detriment of home loan customers, brokers and the economy.
- Less competitive pressure on the banks will give the freedom to raise rates and make borrowers pay more for home loans.
- Less choice and limited access to a broader pool of small bank and non-bank lenders will restrict options for many Australians.
- Higher home loan rates may deter or delay property investors from entering the market and home buyers from borrowing.
- The proposed reforms will reduce the average broker salary to around $40,000 per annum, making their career unsustainable.
- The mortgage broking industry creates more than 2700 full-time equivalent jobs through 20,000 small businesses. As mortgage brokers are forced to seek other careers with sustainable salaries, shopfronts will be vacated, support staff will be laid off and brokers’ families will be placed under financial pressure.
- The flow-on impact to other industries and the communities will be felt.
Join us in voicing concerns over the proposed changes to the broking industry. Help us stop these misguided recommendations from burning borrowers, brokers and hurting the economy.