• Contact
  • Feedback
Banking Day
Stay Ahead. Stay Informed.
Concise. Candid. Provocative.
Get the daily banking news that matters
Banking Day – Your trusted source for independent financial insights.
Subscribe Now
  • News
  • Topics
    • All Topics
    • Briefs
    • Major Banks
    • Authorised deposit-taking institutions
    • Insurance, funds and super
    • Payments, mobile & wallets
    • Consumer lending
    • Mortgages
    • Business lending
    • Finance regulation
    • Debt capital markets
    • Ratings agencies
    • Equity capital markets
    • Professional services
    • Work & career
    • Foreign news
    • Other topics
  • Free Trial
  • Subscribe
  • Resources
    • Industry events
  • About us
    • About Banking Day
    • Advertise
    • Feedback
    • Contact Banking Day
  • Search
  • Login
  • My account
    • Account settings
    • User Admin
    • Logout

Login or request a free trial

Comment: Brokers brace for mortgage fees resolution

29 August 2016 4:34PM
There is, or was, a dichotomy of views on where the ASIC review of mortgages may land, if it arrives on time in December 2016.The detonation of all home loan broker fees - up front, trail, the lot - was the favoured and expected scenario. Or it was, and not that long ago.So confident were the bearers of this assessment they seemed flat out with the implementation of the joyful consequences, namely the elimination of a material cost line in banking. The Australian banking cartel planned for this outcome.A continuation of the status quo on broking commissions may yet be the outcome, with vested interests centred on talking up this result.Australian Finance Group managing director Brett McKeon is custodian of one outfit vulnerable to the whims of prejudice at ASIC.Might commissions be going? we asked McKeon on Friday."I don't think that at all. Quite the contrary," he said."I actually don't thank that would happen at all."ASIC are very aware that consumers are getting a benefit by the current arrangement."Whatever is in the consumer's best interest," McKeon summed up.

I'm a returning subscriber

*
Password reset *
Login

Request a free trial

  • Emailing you the news at 7am.
  • Covering core lending and funding issues, strategy, payments, regulation, risk management, IT, marketing and more.
  • Original news and summaries of major stories from other media – ditch your newspaper subscriptions.
  • Focused on banking and finance, saving you the time spent wading through newspapers and other services.
  • With reporting from former editors and senior writers from the AFR and The Australian.
  • Configured for your phone, laptop and PC.
Free trial Banking Day

Copyright © WorkDay Media 2003-2025.

Banking Day is a WorkDay Media publication

WorkDay Media Unit Trust

  • Privacy policy
  • Terms of access and use