It has been deemed that a further review of mortgage broker remuneration by the Council of Financial Regulators and the ACCC is not necessary.  

Our industry has received the long-awaited announcement by the Federal Assistant Treasurer and Minister for Housing, Michal Sukkar PM, that further review of mortgage broker remuneration by the Council of Financial Regulators and the ACCC is not required.   

Consumers have continued to vote, with brokers now writing more than 66.9 per cent of all new residential home loans, a number that has grown strongly over the past two years.  

AFG welcomes the federal government’s recognition of the important role mortgage brokers play in the financial sector and the support they provide to Australian homebuyers.  

AFG CEO David Bailey said: “On behalf of our members and AFG, we applaud the recognition by the federal government that a further review of mortgage broker remuneration by the Council of Financial Regulators and the ACCC is not required.” 

“This is positive news not only for AFG brokers but also the wider mortgage broking industry and all Australian consumers who rely on their service. Mortgage brokers have worked hard over the past 3 years to meet new legislative requirements that hold them to the highest standard in the industry and demonstrate what has always been the case – that their customers are their number one priority.” 

“AFG’s Mark Hewitt has been working hard with the Mortgage and Finance Association of Australia (MFAA) and other industry leaders to provide evidence of the value the channel provides. The fact that two in every three home loans in this country are arranged with the help of a mortgage broker shows that they are of vital importance to drive a competitive lending market and deliver choice for Australian consumers.”