Mortgage advisers should put greater emphasis on price: ComCom
In its final report on banking competition, the commission is also recommending that advisers should be required to submit multiple mortgage applications and that banks should stop using conversion rates for advisers.
“What we heard from consumers is that price really matters when it coms to shopping for a home loan,” commission chair John Small told an online media conference.
“Our investigation has also shown that often when using the adviser channel, only one offer is submitted,” Small said.
Advices have said they consider “a matching process between borrower and bank to be one of their primary roles.
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