Sydney Property Insider Podcast

This week, we take an impromptu look at the fallout from the Banking Royal Commission and what it may mean for your home loan and lending going forward. As mentioned, Marcus is a mortgage broker, so he is explaining his opinion based on his understanding and experience in the industry. HERE’S WHAT YOU’LL LEARN FROM TODAY’S EPISODE:   Some of the examples of misconduct in the sector by big banks; Recommendations to certain sectors of the industry; Paying your broker for advice and adding to the bank’s bottom line; The finding that 96.5% of consumers wouldn’t pay even a break-even fee for a mortgage broker; Will consumers pay for pre-approval after pre-approval; The question as to whether or not banks are mandated to reduce their fees; How brokers have helped banks’ net interest margin reduce from 5% to 2.2% over the past 20 years; Why smaller non-big 4 banks may exit the industry and thereby reduce competition; This trail commission being $33.75 a month on a $300k loan, a far deviation from the number of $50