No doubt you haven’t missed the news about the findings and recommendations of the Royal Commission into Misconduct in Banking.
The Royal Commission has resulted in the banks being slapped with a wet lettuce despite all the corruption uncovered meanwhile every Australian home loan borrower will pay more if the recommendations relating to “fee for service” are legislated.
Watch my video for my take on what the ramifications of these flawed recommendations are.
Please feel free to call me if you have any questions or if I can assist you in any way.
Industry Defence Campaign
The Mortgage & Finance Association of Australia has launched a defence of the mortgage broking industry, with a national campaign – Don’t Kill Competition – designed to show consumers and politicians what a world without mortgage brokers would look like.
The campaign comprises advertising across newspapers, radio, outdoor (billboards), television and digital platforms and is designed to demonstrate that banning commissions would be a great outcome for large lenders with branch networks, but a terrible outcome for everyday Australians.
The campaign kicks off with full-page advertisements in national newspapers (the Australian Financial Review and The Australian), before leading into television and the other outlets over the weekend. It also features a microsite at www.brokerbehindyou.com.au which has the relevant facts and content for you to share and promote, including pre-populated letters for both brokers and consumers to send to their local MP to show their support – the website will automatically populate an email to your local Federal MP, based on your postcode.
What can you do?
I’m calling on you to support the cause by making your voice heard as a current or future home loan borrower.
1. Take action with your local politician: Contact your Federal MP and let them know how you feel, by going to www.brokerbehindyou.com.au, clicking the link and sending the pre-populated letter to your local MP. This will take you less than one minute and has a significant impact.
2. Get others involved: Talk to your family, friends and your customers and ask them to go to the site and contact their Federal MP as well – there is a separate letter of support designed for consumers to send.
3. Sign and share the petition: There is a petition available at www.brokerbehindyou.com.au – please sign and share the petition to ensure policy makers understand the weight of support behind the channel.
4. Share the campaign: Additional campaign advertising collateral will be made available on the website for you to share and promote on your social media platforms daily over the next week and beyond.
Now, more than ever, we must unite as an industry and remind our politicians and policy makers that mortgage brokers are vital for healthy competition in the home lending market, are highly valued by their customers and are out there, every day, driving great outcomes for Australians.
… and for a lighter take on the situation …