By now, you’ve no doubt seen the Royal Commission has published its final recommendations. It’s fair to say the mortgage broking industry has been heavily scrutinised and significant change has been recommended.
These proposed changes will diminish choice for Australian home buyers and will put more power in the hands of the major banks. This is not what Connective – or any Australian – wants to see come out of the royal commission.
Presenting a united front to fight against these recommendations will be extremely powerful. We encourage you to support mortgage brokers by getting involved in industry campaigns. This will help send a message to policy makers to protect choice for all Australians and avoid giving the big banks a free kick.
There has been some uncertainty in the market following the release of the Royal Commission Final Report and we are pleased to let you know that, as a Connective broker, NAB’s Employee Assistance Program is available to you at any time on 1300 360 364.
This service funds short-term counselling services (generally a maximum of three sessions) dependent on the needs of the individual. Appointments may be face-to-face or over the phone and can be made in advance by contacting the service on 1300 360 364.
This service is offered by Benestar. If you contact them please ensure you let them know that you are a NAB accredited broker.
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How will Connective fight the Royal Commission’s recommendations regarding an industry-wide change to a borrower-pays system for mortgage broking services?
Is it ‘self-serving’ for brokers to fight the Royal Commission’s recommendations to change to a borrower-pays system?
How much do mortgage brokers earn, on average?
Where can brokers and consumers get more information about what these recommendations mean?
When will the Royal Commission recommendations be final and implemented?
Connective disagrees with the Royal Commission recommendations regarding broker remuneration. What action do we consider to be fair?
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has put Australia’s financial services sector under the microscope and exposed practices and cultures that have seriously diminished trust in our financial sector. The exposure has led to calls for dramatic change.
Connective agrees that shining a light on misconduct is appropriate – however, we also believe many of the recommendations made in the Royal Commission Final Report in relation to the mortgage broking industry are fundamentally flawed. They will do more harm to competition than they will do to address misconduct.
How can you join the fight against the recommended changes?
What is the #CHOICEMATTERS campaign aiming to achieve?
How can we convince consumers to get behind #choicematters?
If the proposed remuneration changes are passed into legislation, how will that impact consumers?
How can we ensure consumers understand the benefits of brokers?
 Deloitte Access Economics, The Value of Mortgage Broking, July 2018
 Based on an interest rate fall from 7% to 4% per annum
What is the mortgage broking industry already doing to improve?
What is the industry currently doing to resolve issues around consumer trust?
Does the industry have anything in place that already addresses the concerns raised by the Royal Commission?
What specifically does the CIF recommend?
What can you do to get involved in industry initiatives