Impact to Borrowers

How do mortgage brokers help borrowers?

Mortgage brokers are home loan experts.
  • They provide home loan education – because not every Aussie knows the ins and outs of home loans
  • They review your loans and undertake loan variations – to help get you the best outcome for your situation
  • They advise on which home loan products will suit your specific needs – because not everyone’s situation is the same
  • They negotiate better rates on your behalf – because they know how to handle the banks
  • They have access to deals and lenders you would otherwise spend months researching – because you’re busy doing what you do best, and so are they

Brokers bring competition to the banks, to deliver you better savings.

In 1986, brokers secured finance for less than 10% of home loans in Australia, and the major banks’ net interest margins were in excess of 5%. As the mortgage broker channel has grown and placed competitive pressure on the banks, the major banks’ net interest margins have reduced to around 2%.

*Reserve Bank of Australia data, via Deloitte’s Value of Mortgage Broking Report.

Say no to less competition. Say no to giving the big banks greater freedom to raise interest rates.

Buying a house is the biggest financial decision many Australians will ever make.

Borrowing a large sum of money is a big move, which is why your confidence in the process matters. A recent survey shows 96% of mortgage broker customers were either satisfied (12.3%) or very satisfied (84%), compared with only 67% of those who went direct to a lender reporting they were satisfied or highly satisfied.

*Momentum Intelligence’s Consumer Access to Mortgages Report, 2019.

Killing the mortgage broking industry will limit your access to credit, and disadvantage borrowers in regional and rural areas.

Killing the mortgage broking industry will limit your access to credit, and disadvantage borrowers in regional and rural areas.
Brokers are a shopfront for multiple smaller bank and non-bank lenders, which don’t have branches in every town and city in Australia. Suffocating the mortgage broking channel will shrink the lending pool for millions of Australians.

Say no to less choice and fewer options. Say yes to supporting small business.

Will you let these proposed changes force everyday Aussies to pay more for home loans, have fewer lenders to choose from, and having greater difficulty accessing finance?

Help us stop these misguided recommendations from burning borrowers.