Advisers dismayed at Dosh and Westpac tie-up

Mortgage advisers say they have been slapped in the face by Westpac powering fintech Dosh to offer home loans without any financial advice and giving a loyalty cashback reward of up to 0.20% over the term of a mortgage.

Invercargill-based mortgage and insurance adviser Brenda Nom says Westpac is saying on the one hand more than 50% of Its mortgage business comes through third party advisers and on the other hand it is almost doing the dirty behind advisers’ backs because its tie-up with Dosh has not been communicated well. 

“It’s upsetting that a client can go online, apply for a Westpac mortgage through Dosh, get no financial advice whatsoever and trail income paid back to them, which will just decimate advisers’ books in the end,” Nom says.

Mortgage advisers are paid about 0.2% trail from Westpac and mortgagesonline founder Hamish Patel says under the Dosh scheme this gives away about 60% of that trail to the home owner, with no financial advice.