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Economy and broker remuneration top industry’s election concerns

by ssimpkins•10:21 AM, 21 Feb 2022•1 minute read
Economy and broker remuneration top industry’s election concerns

The economy is a primary voting consideration for the mortgage lending industry, a new election poll has revealed, with broker remuneration also a key issue.

The findings come in a major new election poll from Momentum Intelligence (one of the divisions of Momentum Media Group, the parent company of The Adviser), which has revealed voter preferences from professionals across a number of sectors, including mortgage lending.

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ssimpkins

AUTHOR

Sarah Simpkins is the news editor across Mortgage Business and The Adviser.

Previously, she reported on banking, financial services and wealth management for InvestorDaily and ifa.

You can contact her on sarah.simpkins@momentummedia.com.au.

MORE ABOUT THE AUTHOR

Comments (25)

  • Best Mortgage Broker Australia Friday, 25 February 2022
    Thank you for sharing your blog. Keep on posting.
    0
  • Spartacus Monday, 21 February 2022
    I'm glad Labor eventually reached the conclusion that broker remuneration needs to be left alone. Morrison was at this place prior to last election. Not totally sure I trust Labor (it took them a worrying long time to reach this position). Maybe the leave our remuneration alone but add some more red tape.
    This is my issue with the left; they can never have enough bureaucratic oversight, they always expand the size of government, & the more stooges you put into the public service, the more they intrude on small business owners. Just leave us alone.
    I personally think the Liberals are too far left of centre as well.
    I think parties like the Liberal Democrats (pro small government and reduction in legislation & taxes) is much more the type of political party most small business owners should be voting for. Liberal & Labor are different shades of grey.

    Spartacus
    1
  • Anonymous Monday, 21 February 2022
    Blatantly obvious that Hayne had NFI , no point referring back to his reckless recommendations , just imagine how that would have panned out over the last 2 years.
    2
  • Broker Bob Victoria Monday, 21 February 2022
    The Federal Parliamentary labor Party have already said they will not vary broker Commissions about 2-3 weeks ago! Perhaps the adviser may be able to have both sides comment further.
    2
  • Anion Monday, 21 February 2022
    Seriously? This industry will never be considered professional whilst lenders control your income pool. Learn to become true professional advisers, not transaction writers and stop playing with fear.
    People are happy to pay for knowledge and outcomes.
    Can’t believe people are voting out of fear!!
    -2
    • Broker Monday, 21 February 2022
      I assume you would happily pay 6k to a broker for advice around a $1,000,000 loan, if so, you are in the minority. NO lender should be handed a loan on a silver platter from a broker that they profit from for nil cost.
      2
      • Simon Tuesday, 22 February 2022
        Are you running a referral business or a professional service? As long as you expect commission front the bank (share of profit) you are running a referral business.
        0
    • stinger Monday, 21 February 2022
      obviously you are not a self employed mortgage broker
      2
      • Anonymous Tuesday, 22 February 2022
        I was and I did charge a fee for service. Successful high end broker know their worth and charge for their professional know how. But if you choose to be a transactional broker you stick to your commission run.
        0
        • Broker Tuesday, 22 February 2022
          You were , but you're not now, so successful you got out??
          1
        • Anonymous Tuesday, 22 February 2022
          So you charge an additional fee as well as receive the lender commission? Perhaps warranted for complex deals that don’t pay much , but not for well paying simple deals, that is just taking the PI55 out of your clients IMO.
          0
        • Rob Tuesday, 22 February 2022
          "Successful high end broker" who charged fee for service AND received commission??? No wonder you were successful.......unless you mean of course your clients were all high end which would explain things as they had capacity to pay. Regardless, all the power to you.....to each their own
          1
        • Oh from so high i sit Wednesday, 23 February 2022
          Do you drive a Porsche and currently have free accommodation?
          0
    • Robin Banks Monday, 21 February 2022
      This guy ^^^^ - I just did a $2m loan - there is no way in hell they or others would pay comms we already earn. You must be new here.
      2
      • Anonymous Tuesday, 22 February 2022
        Not new. Been in this industry since early 2000’s. You pay accountants, lawyers. Real estate agents, customers pay commission for car loans, personal loans but not home loans? Why is that? Are you a professional ? Do your clients perceive you as a professional? It’s time brokers saw themselves other than referrers to a lender!
        -1
    • NSW Accredited and Educated Br Monday, 21 February 2022
      In theory correct, but in practice it would be difficult. Imaging chasing a consumer client for the advice fee's unless paid at settlement and then having to go to collections or legal advice to get paid. What a disaster, stick with the current arrangements.
      The broker industry and lenders have worked incredibly hard to accredit and educated finance brokers to provide the quality advice clients require and deserve. Self regulation is more effective.
      2
  • leaving Monday, 21 February 2022
    toss a coin they are all the same. Promises, promises, then break them all
    2
  • Broker Monday, 21 February 2022
    This witch hunt was kicked off by Westpac in 2008 and here we are 14 years later....
    2
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