Banks profit increase while consumers are expected to pay more.
Since the Royal Commission report was released on Monday, potential profits of the Big Four Banks will increase significantly while mortgage companies share prices are falling. This has come with an increase in fear that competition will be wiped from the marketplace in the not too distant future.
Consumers are set to pay more for their home loans under recommendations outlined by Commissioner Hayne, including moving to an upfront fee for the services I offer. Our industry will fight to keep the competition alive, so you can find a fairer deal.
Sam White, Chairman of Loan Market, a mortgage broker aggregator said “We can’t understand why the Royal Commission has decided to go hard against 17,000 small business owners rather than address the underlining and systematic issues of misconduct by the Big Four Banks.”
It’s harder now more than ever to secure a loan. Banks and lenders’ requirements from application to settlement make it difficult for you and everyday Aussies to navigate on your own. Today 59.1% of customers continue to turn to brokers for help with finding the most suitable loan for their situation. Under Commissioner Hayne’s recommendations, access to my services will be restricted to those who can afford an upfront fee, leaving some customers to face the challenging credit environment, and banks, on their own.
Loan Market is not a bank, nor is it owned by a bank. It’s 100% family owned and operated - a home-grown Australian company. Loan Market operate the business with a “family values” philosophy, and have done for the last 23 years.
You can count on a Loan Market broker to:
- Work for you and your interests, not the banks
- Create vital competition between lenders to keep the industry fair for you
- Provide choice and negotiate on your behalf with over 45 lenders from the Big Four and boutique lenders
- Fight to keep the market competitive and fair for all Australians
Loan Market is calling for your help #brokersworkforyou.
Sign this petition by the MFAA.
Send a video testimonial to your Loan Market broker, expressing your experience with their service. Loan Market will continue to educate the Commissioner and politicians on the vital role brokers play in keeping the market competitive.