Industry Comment - Wizard Home Loans and resi mortgage corporation

Wizard Home Loans and resi mortgage corporation

Australia has the most sophisticated mortgage market in the world, offering consumers unprecedented choice, but broking weaknesses could deliver consumers into the hands of the oligarchy of the banks.

Mortgage brokers are not independent operators, as presented by the broking industry, and the ASIC report and call for transparency and regulation is welcome.

There are several inherent weaknesses in the overall mortgage broking business model which do not serve in consumers’ best interests in the long term.

These include brokers replacing bank branches, brokers reducing lending competition, brokers stifling product innovation, brokers simply closing deals which then transfer the customer to the lender, and broker panels not including the best priced lenders.

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