The aim of the Banking Royal Commission was to investigate the profit margins and misconduct of banks, however, the final report by Commissioner Haynes has landed with outcomes, that if implemented, would severely damage the home loan market and reduce access to credit for all Australians. How did an investigation into misconduct of banks result in a major windfall for the banks?
How will this affect you?
The mortgage broking industry now faces major changes that could make the mortgage broker channel unsustainable.
In a world without mortgage brokers:
- Your choice of lender will decrease
- Your access to credit will decrease
- Lender competition will be drastically reduced
- The cost of borrowing will increase
Mortgage brokers need you as much as you need them! Here is how you can help
1. Sign and share the petition arranged by the Mortgage and Finance Association of Australia at www.brokerbehindyou.com.au – this will ensure policy makers understand the weight of support behind the mortgage broker channel.
2. Email your local politician – Simply go to www.brokerbehindyou.com.au, enter your postcode and a pre-populated email will generate for your local MP. It takes less than a minute and will have significant impact!
Whilst our industry body CEO’s and spokespeople have done a great job speaking to the media about the consequences of the Royal Commission recommendations, Kaboodle Finance feels it is important to highlight the impacts of losing the broker channel from a customers point of view. We would like to film a series of short videos to share on social media. This is where we need your help!
If you are happy to record a short video about how having access to a mortgage broker has been of benefit to you, please get in touch with us!
We can record the video in our office or if you are able to, you can record a short video on your own and send it in to us. We would love to use the videos across social media to help remind our politicians and policy makers that mortgage brokers are vital for healthy competition in the home lending market, are valued by their customers and are out there, every day, driving great outcomes for all Australians!
