What a rollercoaster month it’s been for the mortgage broking industry and our customers. The good news for the both of us is that our service to you will stay exactly the same moving forward, no matter who wins government come May.
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.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
Social media teaser: 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 the both of us!
Suggested MailChimp subject line: We’d like to say a huge thanks for all your support!
Suggested MailChimp preview text: It’s been a rollercoaster month for the mortgage broking industry and our customers. The good news for the both of us is that our service to you will stay exactly the same moving forward.