The Royal Commission into Misconduct in the Banking & Finance Industry has released its final report including recommendations on how mortgage brokers should be remunerated. Changes could place the services of brokers beyond the reach of the people who need them most and could result in home buyers having less choice, eliminating healthy competition in our loan market and making loans more expensive. Now more than ever we need to pledge support for mortgage brokers because every Australian purchasing property deserves choice, convenience and service they can trust.
I pledge my support because my mortgage broker:
Over the past 30 years, brokers have contributed to the fall in net interest margin for banks of over 3 percentage points. This means a saving of over $300,000 on a $500,000 thirty-year loan*.
9 out of 10 customers are satisfied with the services provided by their broker**.
Mortgage brokers have access to more than 34 lenders (on average). It is this choice that adds value and drives competition**.
*Based on an interest rate fall from 7% to 4% pa.
**The Value of Mortgage Broking – Deloitte Access Economics Report.
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