the troubadour

You do realise that a mortgage broker has no explicit requirement to work in a clients best interest? Or product sale advise not always (often not) in the clients best interests rendered. The fact is that mortgage brokers operate under less stringent requirements than other financial advisors which is hardly confidence building in itself.
As shown in recent fiasco too many brokers are not inclined to seek out the best deal for a client, but will of course go where the best commissions are paid.

What I want, along with countless others, is regulation of the financial industry and players around it made accountable. The financial industry fiasco in Australia, requires a complete over hauling and government oversees those robbed by banks are repaid and fully compensated. The arrogance of that industry appears to know no bounds.

Amazulu

Given the amount of info, ability to compare - and - purchase online, there is no need for a mortgage broker - an industry that will go the way of the Dodo - new regulations or not

The inability of people to think and choose for themselves is bizarre

the troubadour

Yes some accord with above strangely enough. Brokers have proven to be detrimental to the best interests of client time again. They have often been seen to advise a client to loan more which is definitely not in clients interest when rates do rise. That policy also tempts the client into 'deeper waters' than necessary comfortable with.

At least pose the right questions to broker, if unable to proceed with confidence alone. At the very least. But as mentioned above, not too difficult to do own research. Not forgetting of course, that some seeking loans, should have been advised not to proceed with the potential of great pain ahead. Such things terminate marriages and lead to mental health issues, with at times the most severe of outcomes.

Beoz

Sounds like a travel agent, recruitment agent, anything with an agent or broker in the title. You remember when I said earlier You think ripping off customers is reserved for just banks? Think again

Sometimes people need to take responsibility for their own actions. If your broker is recommending loan X, then its your duty to do your own research, like you would when booking a holiday or researching a new job.

The right broker actually puts all the options on the table, guides you through the fine print of each, helps you collate the information, knows who will lend and who won't, pushes the lender to approve the loan during the settlement period, and takes all the crap your solicitor is willing to throw at them. Its been a while since you've had to use one, but things have changed.

Again, another Royal Commission that hasn't really thought through the ramifications of what its recommending and the moron Bill Shorten is going to run with each and every one without thought and question.

Good luck. I think that elusive house is even further away for you.

the troubadour

Brokers are working on behalf of own interests as pointed out. If anything, at least the Royal Commission done a sterling job in bringing it to light which needs to be a warning to potential clients set in flashing lights.
Sad if job prospects take a hammering but salesman are hardly thin on the ground. What clients need to be warned about is the selling of own products, as mentioned, in the interests of the salesman. (some term mortgage brokers) The last word, may of course hold a key ..broker)

AS you'll be aware these mortgage salesmen, can and do put on the 'hard sell' to clients, a tactic not all are capable of handling or not sub coming to. Perhaps the too often false believe that the 'broker' has their (the client) interests at heart. A tactic through much of the sales industry.
Now time for a Royal Commission into the real estate industry. Although if little is followed up in going after the 'bad hombres' and regulating to change corrupt practices and illegal conduct some may pose questions beyond promoting awareness just what was achieved?
Some with more than a couple of functioning brain cells may well have arrived at the futility of housing speculation a long time ago.

Beoz

You are not listening to what I said about the right type of mortgage broker. It's clearly been a long time since you've used one. I suspect you've never had the opportunity to use one. Either way, this is easily solved.

For the no so bright, a mortgage broker should be required to disclose that this is their range of products and the market may contain many more that aren't on their books. They should also disclose that the higher the mortgage, the more commision they receive. There are probably a number of other things they should disclose.

Once done then there is no excuse for a buyer to confuse a mortgage broker as a trusted financial advisor...... unless they are incredibly stupid.

On the flip side, take away a mortgage broker then most stupid people will just go to their bank, some anti competitive monster like the CBA, which has even less loan products yet the same commission based worker trying to sell to them.

See where this is all wrong?

the troubadour

Never had a need for a mortgage salesman. Very capable of doing own affairs. Be that banker, investor or indeed real estate. Saying that well versed on the faux arguments the industry is making (with media outlets like The Australian going the hog in defence of an industry that desperately needs regulating for the sanity of those less economically capable and too easily persuaded. but reality being better without them for reasons given. Too many sales wallahs these days whose only interest is bonus's regardless of quality of product attempting to pull the wool over the eyes of the clueless.