The Royal Commission has recommended policy changes that would greatly damage the Mortgage Broking industry.
There has since been a lot of really positive and supportive commentary about mortgage brokers and the value that they bring to Australian home owners. Much of the commentary has focused on the obvious benefits that brokers provide, namely choice, convenience and driving healthy competition between lenders.
However, there’s a point that sometimes gets missed; a valuable aspect of a broker’s role is in solving and managing the ever-increasing complexity in Australia’s home lending market.
As lender policy has become more complex, bank direct lenders have simply been unable to meet their existing customer’s needs. Direct customers who are now being told that they no longer qualify and are faced with a choice – do they walk down the street to the next bank, and risk getting the same answer (“computer says no…”) – or do they turn to a professional who specialises in solving the very complexity that most borrowers (and branch lenders) are not able to solve on their own and have a panel of Lenders they are able to place the loan with? The answer is obvious.
Nothing has changed for us at CANE Financial and we will continue to provide the same high level of service we have always strived for.