Brokers Fight to Keep the Market Competitive For You
On Monday 4th, Commissioner Hayne, heading up the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, released his report.
It was a disappointing afternoon. We thought the Commission’s recommendations would address the underlying and systematic issues of misconduct by the Big Four Banks – they did not, instead, the Commissioner went hard against 17,000 small business owners.
There were two main recommendations for mortgage brokers you might be interested in.
Good news. The Commissioner is calling for brokers to act in the clients best interest. Yep – tick – we do this already, and will always continue to do this. It’s just how we do business. In fact, my business (and livelihood) is built on your recommendations to family and friends. It’s also the reason 6 out of 10 Aussies (and growing) choose a broker over a bank to secure a loan.
What was disappointing was the recommendation on how 17,000 small businesses, like me, get paid. Rather than being paid by lenders, as we do now, the Commissioner is suggesting that you pay for my services. This means you will have to pay more, I will be paid less and guess what, the banks make more profit at your expense. Again.
Asking customers to pay for a brokers service becomes a tool for the ‘rich’. For Aussies who can’t afford a fee, “good luck”, says the Commissioner – you’re on your own. Australians deserve better.
These recommendations give a giant, free kick to the Big Four Banks. If there are less brokers, there will be less competition which means you will pay more in the future. But we’ll fight to keep it fair for you.
I don’t work for a bank. In fact, Loan Market is not a bank, nor is it owned by a bank. We’re a home-grown Australian company – still proudly family owned and operated. Currently, a bank’s culture does not compare to our family values. We operate the business with the same “family values” philosophy, and have done for the last 23 years. Because family comes first.
What’s Loan Market’s relationship with the banks? To keep them honest and negotiate hard with over 45 lenders on your behalf – from the Big Four to specialty lenders.
You can count on me to:
Work for you and your interests, not the banks
Create vital competition between lenders to keep the industry fair for you
Provide choice and negotiate on your behalf with over 45 lenders from the Big Four and boutique lenders, without bias
Keep the market competitive and fair for all Australians
Motivated to show your support? Send a video testimonial to me, expressing your experience with my service. We’ve got a lot of work to do to educate the Commissioner and politicians on the vital role brokers play in keeping the market competitive.
If you have any questions at all about the Royal Commission recommendations, please don’t hesitate to give me a call.
