The Royal Commission into Misconduct in the Banking & Finance Industry included discussion about the introduction of a fixed-fee payment model for mortgage brokers. This would be paid by home loan customers. It could place the services of brokers beyond the reach of the people who need them most and irreparably damage brokers’ businesses. This could result in home buyers having less choice, eliminating healthy competition in our home loan market and making home loans more expensive.
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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