A word from your Mortgage Broker
I must say I’m very disappointed with the report tabled by Commissioner Hayne, in which he shows a clear lack of knowledge and understanding of our industry.
I’m all for transparency and undeniably condemn the acts of misconduct executed by some deceitful actors of the industry. However, the decision to completely eradicate the current broker commission structure, not only will destroy more than 20,000 small mortgage brokering businesses, but will also provide more power and influence to the major banks, causing an inevitable rise in interest rates which will directly affect the consumer and its capacity to enter into the property market.
Mortgage brokers provide a vital service to a vast majority of Australians who are seeking guidance and different alternatives as they enter the property market, many for the first time.
Moving to a borrow pays model will not provide you, the consumer, with the right outcomes. This model only limits your ability to choose and will drive home owners to financial institutions who have an existing branch network, which ultimately will diminish competition in the mortgage market. Australian home owners are the ones who will suffer here as power will be handed back to the Big 4.
Mr Hayne, along with other so-called industry experts, have the opinion we do nothing to justify our ongoing trail payments - absolute garbage. Unlike any major bank in which clients are just numbers flying in the system, we treat ours like family and provide an ongoing service well beyond settlement. (I’m sure many of you can attest to that).
Today at Oak we are even more driven to assist our existing and future clients. We believe in a “growth mindset”, one that thrives on challenge and sees failure only as a heartening springboard for growth and for stretching our existing abilities.
Please feel free to contact me, I would like to know your opinion on yesterday’s Royal Commission recommendations.
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