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Janette Fairleigh

Mortgage Broker

My Loan Assistant

www.myloanassistant.com.au

Urunga, New South Wales

0419427772

Janette Fairleigh is an ethical and local mortgage broker who can help you navigate the maze of housing finance to help you realise your dreams. Not all loans are the same, everyone has a unique story and there are many more lenders than just the big banks.

There is no cost to using a mortgage broker and it gives you access to a wider range of possibilities.

Janette has 20 years experience in providing personal and professional service to help people realise their dreams in the most efficient and cost effective way.

Call Janette now, for a no obligation chat about what you want to achieve. 0419427772

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Q: In light of the Banking Royal Commissions recommendation to have the upfront commissions currently paid to mortgage brokers by lenders changed to a fee for service model over the next couple of years, can we ask:

Do people believe consumer’s would be prepared to pay an upfront free to a mortgage broker to help them obtain a suitable home loan?

What impact would such a change have on consumers?

What impact would such a change have on the home loan industry?

A: Consumers wont pay a fee, they will go straight to the lender, why pay a fee when they dont at the lender? Bit more work but the fee will be worth it.

The change for consumers will be less choice as pre 1980s where they paid higher rates for lower LVR loans and have a choice of 4 or 5 lenders.
First home buyers and people with difficult credit situations will be lost to the market.
Small lenders will have to beef up their online presence as their only presence in the market. No one in the middle to explain to the borrower the ins and outs. No one to help families with their goals and dreams.
The fee wont be enough to cover the costs for the broker so brokers will leave or are already planning to leave. Home loans will reduce in variety and be harder to acquire. there will be a credit squeeze. There is already a credit squeeze.
Rates will rise . Big banks will gain their market share back of the little lenders and there shareholders will be delighted, are already delighted, as the banks sneaky strategy has worked for them. They dont want brokers. they want market share.

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Paul Ryan

North Sydney, NSW