According to the Credit Industry Ombudsman (CIO):
— Only around 6% of complaints sent to the CIO relate to brokers and aggregators with disputes much more likely to stem from residential lenders.
“Funnily enough, we don’t get huge amounts of broker complaints. In respect to statistics, it’s probably on a much lesser end,” said Danielle Gewerc, CIO Senior Manager of Dispute Resolution, at the CIO’s Dispute Resolution Conference 2017 in Sydney on Tuesday (12 September).
In comparison, 46% of CIO complaints are about residential lenders, she said. —
So the real fact is that you are 760% more likely to have a dispute with your bank than with an Australian Credit Licenced Mortgage Broker. This is despite brokers organising more home loans than banks.
Bank profit margins on home loans have fallen steadily for the past decade, due largely to the competition Mortgage Brokers have brought to the Australian home loan market. These lower interest rates we all benefit from, whether a broker got your home loan or not.
Brokers are safer than banks, as the CIO statistics prove, and produce a better deal and real savings for borrowers.
Getting a home loan isn’t always simple, but this statistic shows that brokers work harder to get the right outcome for our clients.