Fees to consult mortgage broker would be ‘unnecessarily cost prohibitive’ | Sky News Australia

The Morrison Government is abandoning a proposed ban on mortgage broker trailing commissions, going against the recommendations of the Banking Royal Commission report to keep competition in the market.

The move will create a point of difference between the Coalition and Labor, which is promising to push forward with the ban. The Sky News host says if the royal commission recommendation was implemented, the fees to consult a mortgage broker would be an ‘unnecessarily cost prohibitive’ for home buyers and that the government had made a ‘good decision’ to abolish them.

Just have to see how Labor responds now. How will THEY commit if they win the election. 🤷🏻‍♂️

If they were smart ... like RE agents ... they would have 30+ lenders in their portfolio And get paid on settlement Overly simple? They're still doing the same job BUT paid on RESULTS! Borrowers are on a WIN WIN Rates remai highly competitive! Simple

Paul Murray is an expert on...*checks notes*....nothing. Also, the Scott Morrison govt could anounce a policy tomorrow to public torture and kill all puppies and Paul Murray would say the government had made a ‘good decision’.

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