Mortgage Broker Reforms: Everyday Australians Will be Hardest Hit
Aussie Prospect Franchisee and mortgage broker Bechara Boutros is warning that everyday Australians will be the hardest hit if the reforms proposed by the Financial Services Royal Commission are fully introduced.
The warning follows the release of recommendations by the Hayne Royal Commission, which include significant changes to mortgage broker remuneration, including a consumer-paid fee for service.
Mr Boutros said “We need our customers and our community to understand the ramifications of these changes if they are implemented in full. While the big banks profit, consumers would pay.
“One of the proposed changes would mean consumers have to pay a fee just to get a home loan, whether they use a mortgage broker or go straight to a bank. Australians don’t want more up-front fees standing between them and owning a home. It simply must not become harder or more expensive to buy a home,” he added.
“The proposed changes could reduce consumer choice and access to lenders, increase interest rates and fees, and perhaps even destroy the mortgage broking industry. We are requesting meetings with local politicians and key business and community groups so we can discuss our concerns,” he explained.
“Customers have voted with their feet with almost 60% of all home loans now organised through a mortgage broker. We’re calling on the government to consider all of these factors before any action is taken that could harm competition in home lending and impact the positive customer outcomes, we know the mortgage broking industry provides.
“We are also asking members of our community to get behind their local mortgage brokers and visit BrokerBehindYou.com.au to sign our petition in support of mortgage broking. We’ve already had tens of thousands of Australians sign this and other petitions in support of mortgage brokers and protecting competition in home lending, which has been great to see,” he added.
To find out more or sign the petition, visit www.brokerbehindyou.com.au.
For more information or questions, please contact Bechara Boutros on 0404 209 620 or email at Bechara.email@example.com
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