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…
Ingrid Fuary-Wagner| Australian Financial Review| 8 February 2019 https://www.afr.com/real-estate/interest-rates-not-the-real-barrier-to-rebooting-of-property-market-20190207-h1ayrq A possible cut to interest rates this year will boost buyer confidence but there’s still a major roadblock preventing a sudden turnaround in the property market.…
James Eyers| Australian Financial Review| 15 February 2019 https://www.afr.com/business/banking-and-finance/aussies-james-symond-says-hayne-change-will-destroy-mortgage-competition-20190215-h1bang The elimination of mortgage broking trailing commissions will halve the average annual income of a broker to $40,000, triggering an exodus from the industry and choking…
Shane Wright & Clancy Yeates| Australian Financial Review| 11 February 2019 https://www.smh.com.au/politics/federal/morrison-backs-brokers-despite-warning-from-banking-royal-commission-20190211-p50wzv.html?fbclid=IwAR0tLu7eaQNlNrPuyQ-UnAWDDPD077cybyd1B7TrHHb-8SOYBDGvKbFVfME Scott Morrison has backed the mortgage broking industry in the face of demands from the banking royal commission for major changes to how…
James Eyers| Australian Financial Review| 6 February 2019 https://www.afr.com/business/banking-and-finance/right-to-be-cautious-philip-lowe-matt-comyn-back-a-role-for-mortgage-brokers Reserve Bank governor Philip Lowe has backed Treasurer Josh Frydenberg’s cautious approach towards the royal commission’s call for bank-paid mortgage broker commissions to be replaced with…
In a matter of weeks, the broking industry has gone from being on life support to having a major tick of approval from whichever party could form Government at the forthcoming federal election. After some…
James Eyers & Joyce Moullakis| Australian Financial Review| 28 September 2018 https://www.afr.com/business/banking-and-finance/financial-services/banking-royal-commission-interim-report-end-to-trailing-commissions-for-mortgage-brokers-20180928-h15zcw Up-front and trailing commissions paid to mortgage brokers by lenders are making the home loan market more risky, the royal commission said in…
Rebecca Pike| Australian Broker| 11 September 2018 https://www.brokernews.com.au/news/breaking-news/nab-makes-changes-to-broker-commissions-254779.aspx A major lender is making changes to how mortgage broker commissions are calculated, becoming the first of the big four to do so. NAB is introducing the…
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