Madison Utley| Australian Broker| 11 November 2019 https://www.brokernews.com.au/news/breaking-news/brokers-continue-to-dazzle-268027.aspx In its first year of operation, just 0.35% of the complaints lodged with the Australian Financial Complaints Authority (AFCA) were related to mortgage brokers. From 1 Nov…
Duncan Hughes| Australian Financial Review| 14 August 2019 https://www.afr.com/companies/financial-services/developers-offer-advisers-90-000-to-flog-high-rise-apartments-20190813-p52gk1 Commission payments of between $30,000 and $90,000 – plus extra incentives for multiple sales – are being offered by developers to buyers’ and real estate agents,…
MFAA | 19 June 2019 https://www.mfaa.com.au/news/mortgage-brokers-record-highest-ever-market-share-amidst-tough-market-conditions The mortgage broker channel has recorded its highest ever residential home loan market share result with brokers settling 59.7 per cent of all residential home loans during the January…
Mortgage Business | 2 July 2019 https://www.mortgagebusiness.com.au/breaking-news/13565-open-banking-regime-commences The financial services sector has officially ushered in the first phase of the new open banking regime. The 2019-20 financial year has kicked off with the launch of…
Mortgage brokers now arrange more loans than lenders do directly. 59.7 per cent of home loans are now arranged by mortgage brokers rather than by someone applying directly through their bank, according to Corelogic research.…
Henry Belot| The New Daily| 29 March 2019 https://thenewdaily.com.au/news/national/2019/03/29/labor-negative-gearing-concessions/ A Labor government would scrap negative gearing concessions for new investors on January 1 next year, earlier than many analysts and commentators predicted. Shadow Treasurer Chris…
Stephanie Chalmers| ABC Online| 27 March 2019 https://www.abc.net.au/news/2019-03-27/anz-and-nab-bosses-face-parliamentary-grilling/10943760?section=business The bosses of ANZ and NAB have told a parliamentary hearing their banks are willing to lend, amid a greater focus on responsible lending in the wake…
Philip Coorey, John Kehoe & Natasha Gillezeau| Australian Financial Review| 12 March 2019 https://www.afr.com/news/politics/coalition-backs-down-on-ending-trail-commissions-for-mortgage-brokers-20190312-h1caoj The federal government has backflipped on a key recommendation of the banking royal commission and will no longer ban trail commissions…
Christopher Joye| Australian Financial Review| 22 February 2019 https://www.afr.com/personal-finance/banking/labor-rejects-royal-commission-via-mortgage-broker-backflip-20190222-h1bkzj?fbclid=IwAR1A7I8Hdf-hMrm_20dXN6ONb9LaFaDe_DLCd53WILyaj8nukz9Go78B-5E Labor has made an important policy backflip on mortgage brokers that has resulted in it formally rejecting one of the royal commission’s most significant recommendations, which…
Amy Remeikis| The Guardian| 22 February 2019 https://www.theguardian.com/australia-news/2019/feb/22/labor-proposes-fixed-rate-commission-for-mortgage-brokers?fbclid=IwAR3vBnEVU1qAuaoysKM8ivuhkWx2YR_T5kP8sUCF0dPjZ1SJeT8gd2J-3qA Labor has backed away from the royal commission’s recommendation of user-pays fees for service for mortgage brokers. Labor has proposed a fixed-rate commission for mortgage brokers rather…
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