The Mortgage Broking Industry: The Facts

From being a real estate professional and investor in the real estate industry for just on 20 years now, I like many others were amazed at the recommendations of the Royal commission that were released this week.

I personally (and know hundreds, even thousands of others) who have benefited enormously from mortgage brokers.

Mortgage brokers assist to get the best loan option, across a variety of different lenders.

Yes, they get paid, for providing an initial and ongoing service!

The last update we saw, was that just under 60% of all Australian home loans were facilitated through a broker.

Does this show an industry that isn’t doing the right thing for their clients? 

When we as clients are voting with our feet and getting the best option for ourselves?!

If the broker network market share is reduced and the banks have the majority, what do you think will happen to our home loan interest rates?

This would also mean that we would have less access to the second-tier/smaller lenders and therefore less access to credit.

Brokers are critical in regional and rural areas, where the big 4 retail banks have less of a shop front presence.

There are two great resources to review and show your support to the broker network via the following:

https://www.brokerbehindyou.com.au/

https://www.change.org/p/federal-treasurer-josh-frydenberg-save-the-mortgage-broking-industry

You can and will be able to see by the level of support, especially in the petition including the comments, that there are many logical reasons why a lot more discussion is needed for this very valuable industry.

Please review and show your support, so these decisions can be reviewed, with clear consultation with consumers and the industry, so competition can prevail!

Have a great weekend and catch you next week!

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Have a great weekend and catch you next week!

Warm Regards,

Troy