The Royal Commission recommended Mortgage Brokers should not receive ongoing trail commissions that are used to provide an ongoing service to their Clients.
The Government will adopt this recommendation from 1st July 2020.
Importantly, I will continue to give my Clients ongoing service into the future to make sure theirs loans are always competitive.
Borrowers are using Mortgage Brokers more than ever
The Royal Commission uncovered massive misconduct by the Banks. But there was no misconduct by Mortgage Brokers.
In fact, in December 59% of all new home loans were by Mortgage Brokers – this is the highest market share for Mortgage Brokers ever recorded.
Also, recent research has shown 95% of borrowers are either satisfied or very satisfied with the service they received from their Mortgage Broker.
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