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Mortgage brokers may not give independent advice

11/08/2010

People who approach mortgage brokers for advice about the best mortgage for their personal circumstances may not be getting impartial advice because some big lenders impose minimum sell requirements on the brokers they deal with. Commonwealth Bank and Westpac make up more than half of the mortgage market and require brokers to maintain minimum monthly sales targets to keep their accreditation with the big two lenders.

NAB has decided not to impose volume requirements or sales targets on brokers. Nicole Rich from the Consumer Action Law Centre said lenders are creating potential conflicts of interest for brokers who should only be concerned about what is good for the customer.

Source: Sydney Morning Herald



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