Bankers are laughing all the way... to the bank.
Thanks to dodgy radical recommendations from the banking royal commission which will destroy the mortgage broking industry, shielding them from competition and leaving all of us worse off.
If implemented, independent mortgage brokers would go out of business, reducing competition and potentially increasing interest rates could rise by 3% while forcing you to pay massive upfront fees to apply for a loan.
Banks are loving it, with their share prices jumping up and their profits expected to rise.
That's right. Rather than punishing the big banks for years of misconduct, the “Royal Commission into Banking Misconduct” just spent over $75 million in our taxes just to give the banks more power, more market share, and more profit.
Borrowers can currently choose between dealing with their bank directly or seeking affordable help from brokers who can provide a range of options and negotiate on their behalf.
Forcing borrowers to pay high upfront fees will make these services unaffordable for most Australians, pushing them onto the big banks who will have no incentive to provide a better deal- making the dream of owning a home even more expensive and out of reach for us.
Brokers are responsible for over six in ten Aussie mortgages and have an approval rating of 94 percent from their customers. Making these services harder and expensive to access will only harm generations of Australians who want to buy a home.
If you care about protecting small business owners from large banking corporations, and care about helping millions of Australians have fairer access to better home loans, please sign our petition today and send the message that you want to Save our mortgage brokers!