Asic and the MFAA (Mortgage and Finance Association of Australia, the industry body for professional brokers) have praised brokers for their actions and adherance to new legislation introduced to protect consumers. (https://www.theadviser.com.au/breaking-news/8917-asic-mfaa-applauds-brokers)
Brokers receive too much bad press when in reality they are your probably your best advocate in any property purchase, refinance or new loan. And we don’t charge you a fee for it!
Most mortgage brokers enter the industry with a great desire to help people – help them save money, find the right loan and actually get the job done.
We are professional, educated and honest, and we’re on your side! I am really proud of the job that I do.
Sure, like every profession, there are those who are out for themselves but in honesty you can make a very good living my doing the right thing by every client that you meet, even if that sometimes means saying no. As odd as it sounds, I receive just as many referalls from telling someone I don’t think they should do what they’re planning (and of course having a good backup plan for them) as I do from getting the job done.
And yes, we are paid commission, and commissions do vary from lender to lender, but do you know what – the difference is nothing in the scheme of things, I can’t even tell you who pays the most or the least because there’s very little difference and the right loan for the right client is so much bigger than who pays the most.
The days of the “dodgy mortgage broker” image are done, it’s no longer valid and I’ll ask Today Tonight and their buddies to show a little integrity themselves and… well I won’t finish that last sentence.