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Your broker behind you

Mortgage brokers offer home buyers choice, expert advice and help to drive competition in the home loan market.

On the 4th February, the Government released the final report into the Royal Commission.
The government is now making some very important decisions regarding regulations and broker remuneration.
If you want to know how this might impact you, and your broker, read below. 

We've answered your most burning questions here

In a nutshell, the Commission recommends gradually moving from the current arrangement where mortgage brokers are paid a commission by lenders, to a system where borrowers pay brokers a fee for their service. Further, they recommend introducing a best interest duty to the industry, which means brokers will be required by law to put the customers' interest first at all times.

The important thing for you to know now is that nothing has changed - you do not need to pay for our home loan service. The Royal Commission has made recommendations that could impact what it costs you to take out a loan in the future - and your ability to secure a competitively-priced home loan.

At present, lenders pay mortgage brokers a commission. Our home loan service comes at no cost to our customers.

Mortgage Choice is also unique in the broking industry. Our brokers are paid the same rate of commission, no matter which loan or lender you select from our panel. This ensures that we always have your best interests at heart. Find out more here

The Banking Royal Commission has offered recommendations only. The Commission’s report will be reviewed by the Federal Government, which will decide whether or not to act on any recommendations.

So we need you to get involved!

How can you help?


Contact your local MP

If you are willing to back your local mortgage brokers and retain the benefits they bring to customers like you, now is the time to get involved. Just email or call your local MP and let them know what you think.


Find your local MP


Sign the petition

If you believe in a more competitive industry and want your voice heard, then sign our petition to save the mortgage broking industry. Find out more on the link below. Get involved today!


Sign the petition


We are here to help & listen

If you have any questions about how the Royal Commission recommendations might impact you or if you want to share your story, feel free to reach out. We are here to help and listen!


Send us your questions


What brokers do for you and your local area

Brokers provide choice for customers

At Mortgage Choice, our brokers have access to over 20 lenders across the industry from small and medium lenders to the big banks. Our brokers take the time to explore your individual circumstances and goals to then identify the right loan option for your needs. 

This is different from when a customer goes straight to a bank, where your options are often limited. 

Broking supports the economy

The mortgage broking industry contributes $2.9 billion to the Australian economy each year and supports more than 27,100 (full-time equivalent) jobs. Undermining the role of broking in the market would likely have an impact on employment and the economy overall. 

Competition can keep rates from skyrocketing

The mortgage broker channel works for all Australians by driving competition, which helps to make interest rates more competitive for everyone. It has contributed to a fall in lenders’ net interest margins of more than three percentage points in the past 30 years.

(Source: Deloitte Access Economics)

Rural + Regional

Three in 10 mortgages arranged by mortgage brokers are in rural and regional areas, improving access to home lending for rural and regional Australians – in locations where there may be few or no bank branches.

(Source: Deloitte The Value of Mortgage Broking report, July 2018)

Customers tend to love their brokers


95% customer satisfaction

95% of customers are satisfied with the services they receive from their local brokers and only 1% of consumer credit complaints to the Financial Ombudsman Service between 2013 and 2017 were about mortgage brokers.

70% Net Promoter Score

Out of all mortgage broking customers, 70% would recommend the services to their friends and families. This is outstanding and industry leading for financial services. (Source: MFAA's The Australian Mortgage Broking Industry: Through A Different Lens.)

Almost 60% of borrowers use brokers

59.1% of borrows use mortgage brokers for their home loan needs which means mortgage brokers helped secure finance for more than half of all home loans in 2018. (Source: MFAA’s Quarterly Survey of leading mortgage brokers and aggregators (Jul - Sep 18), produced by CoreLogic)

We work for you - hear first hand from our customers


"All the staff are very friendly, helpful & professional. Nothing was an issue & would help in anyway they could. I was made to feel comfortable which made the process so much easier."


N. Alexander -
NSW

"As first home owners, the level of support, patience and availability to explain the process was excellent."


Dan & Heidi - First Home Buyer
VIC

"Our Mortgage Choice broker and Team were sensational. When no other 'big' financial institution could help he was a breath of fresh air. Keeping me informed at every step and tirelessly working and seeking the fund amount needed for construction. Highly recommended."


Ayoub Dayoub -
NSW

"Great service and they scored the best loan for me in comparison to my bank and accountant. No effort was spared in getting my loan approved, with speed and efficiency."


P. Freeman -
Rose Bay, NSW

"We had a fantastic experience with mortgage choice. It was all too easy and we have saved so much money already. I have already recommended them to my family and friends."


TL Watson -
NSW