Two years of steep hikes in rates of interest have despatched extra prospects to brokers to get a greater deal on their home loans and cut back crippling repayments.
Just 5 years in the past, mortgage brokers wrote 55 per cent of all home loans in Australia.
Soon that may prime 75 per cent.
As the the Reserve Bank board meets to set rates of interest, brokers say they are busier than ever.
Their share of the market retains rising regardless of brokers being paid charges and commissions from lenders, which a royal fee described as “conflicted” and “money for nothing”.
Brokers should now act in the very best pursuits of debtors after that royal fee.
A significant concern for CHOICE is almost all of loans written by brokers are nonetheless going to the Big Four banks or considered one of their subsidiaries.
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