21 October 2004
Under new rules, Australian mortgage brokers must tell consumers about any free travel, conferences and football tickets they receive from lenders worth more than $300, but the industry has stopped short of banning such perks. Behind this ruling is the belief that consumers have a right to know if any remuneration has been made which could influence a broker's recommendation.
Volume-related bonuses have not been banned as the broker generally has no idea when they sit down with a consumer whether they will get a bonus or not. The new mortgage broking code follows the release of industry guidelines warning brokers against using terms such as "independent" or "unbiased" in their advertising.
Article in The Australian
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