CHOICE is about to undertake an investigation into the online advertising used by the mortgage broking industry. This is your chance to channel your inner investigative journo and help find examples of questionable broking claims online.
Here’s how it works: I need your help scouring popular mortgage broking websites for potentially misleading claims like: “we’ll find your best home loan“ and “we’ll save you money“. Our team will be digging deep too, but the more people who help the more extensive our findings will be.
Your research will help us put together a powerful case to reform the mortgage broking industry and make brokers live up to their promises. The Treasurer is considering introducing a broker ‘best interests’ law later this year and we think this investigation will help show the industry is in need of reform.
We don’t have any involvement with mortgage brokers but I received a follow up call today from our financial advisors regarding the documents that they emailed to us a week ago to read and sign to agree for them to handle our accounts for the next calendar year.
They said that they had to have the signed documents returned by the end of this month or they would have to stop handling our accounts.
Looks like they have really tightened up after the Banking RC.
With this from the Mozo site " We compare home loans from lenders all over Australia to help you sniff out the best mortgage rates, whether you’re buying your first family home, investing in your fifth rental property or refinancing a mortgage you’ve already had for a decade.
Home loan comparison is not all that different from comparing a new phone or dishwasher. Essentially, you’re after the best priced loan with all of the features you need."
"We’ve created a suite of our own great home loans. With highly competitive rates, we can provide a the best solution for your needs.
As a mortgage broker, we also have access to all of the major lenders. With this broad and comprehensive range of options, we’ve got you covered."
" All home loans
View the benefits and rates of our home loan products or make a selection below to find the best home loan for you"
This is part of their disclaimer:
^Words such as “top”, “best”, “cheapest” or “lowest” are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison."
Just a note on the Canstar one. They promote proudly at the top of their page that “With 4000+ home loans to compare you could find a better deal. Start now” then they repeat this further down “Canstar assess over 4,000 home loans from more than 100 providers across Australia, to help you compare home loans and find an outstanding value loan to suit your needs.” but then further down again they state this “Canstar currently compares and rates approximately more than 1,000 home loans, to provide home buyers with certainty and confidence when they compare mortgages and interest rates.”
So the number of loans compared drops significantly and the middle statement of the lot even says they will help you find an “outstanding loan”. How do they explain the approximately more than 1,000 loans…I mean is it close to being more than 1,000 but not quite there yet, is it more than 1,000 but close to that number…“approximately more than” has me a little bemused approximately more than a little.
