It’s no secret that the banking royal commission has shone a light on serious misconduct and poor lending standards by some of Australia’s biggest banks. So we thought it was a good time to address the proverbial elephant in the room and set the record straight.
You may have seen headlines in recent times regarding the lax lending practices of some of the banking industry’s less scrupulous operators.
It’s important to note that it’s the practices of a few big players, not the mortgage broking industry generally, that are under the microscope. But that distinction is not always clear in the headlines and the news grabs.
So we thought now was a great time to set the record straight: Our number one priority is, and always has been you, our client.
Some cold hard stats
Ok, so anyone can talk the talk. But here’s proof that mortgage brokers like us walk the walk. Recent research shows that:
- The customer satisfaction measure of mortgage brokers is in excess of 70%, which is considered “outstanding and industry leading” for financial services.
- The amount of home loans settled each year by mortgage brokers has doubled over the last decade, highlighting strong customer satisfaction.
- In 2017 mortgage brokers helped Australians secure finance for more than half of all home loans.
- Only 1% of consumer credit complaints to the Financial Ombudsman Service between 2013 and 2017 were about mortgage brokers.
- And finally, one that I find particularly interesting – especially due to the Royal Commission – is that over the last five years, mortgage brokers have moderated the dominance of the major lenders and increased competition in this space.
What motivates us
While it’s true that we’re paid a commission by the lender, rest assured that we’re driven to secure the most suitable home loan deal for you.
After all, having you tell your family and friends about us at the next backyard barbeque is much more valuable to us than any slight variation in commissions between lenders.
That’s why we’ll always fight tooth and nail to secure the best possible home loan for you and your family.
If you’d like to find out more about how we’ve got your back, feel free to give us a call anytime.
Contact us today to discuss your finance needs.
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Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice.