I see an article in today’s Herald Sun (15.06.24) where the Federal Labor Govenment is going to force banks to offer their best available rate to customers in real-time.
The Government is also going force Comparison Sites to ‘declare the relationships they have with the banks’, which means to declare how much commission they will make if a bank customer clicks on their site and takes up a loan with another bank.
We are all for transparency and ensuring companies look after their clients with the best deal. That’s a given. But the devil is in the detail for the Mortgage Industry. Look for further than paragraph 3 if the HERALD SUN ARTICLE (see link below)
I can’t help thinking this is a wolf in sheep’s clothing and yet another attack on Mortgage Brokers across Australia who devote all of their professional lives to finding clients the best deal, day in, day out.
For our broker friends who don’t have a subscription to the Herald Sun, here is the article in PDF format, courtesy of…
