Brokers keep the market competitive for you

Consumers are set to pay more for their home loans under the recommendations outlined by Commissioner Hayne, in the latest Royal Commission report.

This includes Aussies paying an upfront fee for service when they use a mortgage broker. But the mortgage broker industry is fighting back, keen to keep the competition alive, so customers can continue to find a fairer deal.

Loan Market Geelong is one of the small businesses that will be affected by the recommendations.

Sarah Thomson, from Loan Market Geelong, said that “access to us is free now and should be in the future”.

“We want all types of borrowers to have access to our services, a range of lenders and their products – no matter their financial background.”

Sarah’s team at Loan Market Geelong have helped hundreds of customers find a competitive deal on their home loan, and also offer a range of additional services including car loans, personal loans, connections services and financial planning.

It’s harder now more than ever to secure a loan. Banks and lenders’ requirements from application to settlement make it difficult for everyday Aussies to navigate on their own.

Today 59.1 per cent of customers continue to turn to brokers for help with finding the most suitable loan for their situation.

Under Commissioner Hayne’s recommendations, access to a broker’s service, will be restricted to those who can afford an upfront fee, leaving some customers to face the challenging credit environment, and banks, on their own.

Loan Market Geelong, will continue to put the customer first by:
• Working for the customer and their interests, not the banks
• Creating vital competition between lenders to keep the industry fair for customers
• Provide choice and negotiate on the customer’s behalf with over 45 lenders from the Big Four and boutique lenders
• Fight to keep the market competitive and fair for all Australians.