The people have spoken and both the government and opposition have listened.
Both sides of the political spectrum have agreed not to change the mortgage broker remuneration model to a user-pays system moving forward.
That’s great news for consumers, who would have had to fork out thousands of extra dollars each time they took out a loan through a mortgage broker.
It’s also great news for us.
The Royal Commission report didn’t exactly paint our industry in a positive light, which was more than a touch unfair considering that less than 1% of consumer credit complaints to the Financial Ombudsman Service have been about mortgage brokers.
Without getting into the politics and policy details of it all, both the Coalition and Labor have agreed to continue with a commission-based structure.
Now, both parties have different viewpoints on how commissions should work moving forward, but the long and short of it is that both proposed policies will ensure it’ll be business as usual for the both of us moving forward.
So, from the bottom of our hearts we’d like to say thank you.
We’ve been completely overwhelmed by all the messages of support we’ve received, as well as all the emails and petition signatures that were sent to local MPs protesting against the proposed changes.
And it definitely has made a difference!
In fact, it’s the only recommendation from the Royal Commission that both parties have ruled out implementing.
Rest assured that no matter what, our first priority will always be you: our customer.
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