The most common consumer complaint against mortgage brokers relates to inappropriate finance and responsible lending, a new industry report has found. In the latest Credit Industry Ombudsman (CIO) Annual Report on Operations, around 360 complaints were received about brokers and aggregators in the 2016/17 financial year. This accounted for 6.1% of the almost 5,900 complaints brought […]
The Financial Ombudsman Service (FOS) has released new figures revealing the low number of broker disputes compared to the banks. The FOS Annual Review 2016-17reported 25,300 accepted disputes overall during the year. Of these, 10,400 involved the banks while only seven involved mortgage brokers. These seven disputes included two around advice, two around charges, one around […]
Smashed Avocado keeping you out of the property market? What if you bought an avocado farm instead? Recent comments from an Australian property millionaire claiming that smashed avocado was the reason many millennials had failed to enter the property market. Lazy millennials who want everything for nothing, afraid of hard work and changing priorities, death […]
Australian homeowners are failing to put in the effort and seek out better home loan deals despite slow wage growth and piling levels of household debt. These findings come from new research by State Custodians Home Loans which polled over 1,000 people across the country. Surprisingly, only 13% said they were always on the lookout […]
The boss of one of Australia’s largest home loan comparison websites says that mortgage comparison rates are now obsolete and “decades behind” today’s market conditions. RateCity CEO Paul Marshall said that while the comparison rate is a good concept, it is no longer helping mortgage borrowers as much as it once did. “The comparison rate […]