As you may have already seen on Channel 7 Investigations, a large percentage of the mortgage broker industry is not as independent as they claim to be. The ownership of these brokers can skew their loan choices for their clients based on their ownership and quotas.

If your broker is owned by a bank, there’s a chance that your broker’s choice of loan for you was biased towards a certain lender. That’s not to say that the loan was unsuitable, but more that there may have been a more suitable loan for you.

So what can you do about it? 

The answer is simple. Look somewhere else for your brokers. Credit Unions, Mortgage Managers and Building Societies are your best bet to know what you are getting. Here you can find true value, great customer service, and you’ll be supporting the community around them. You are a person to these people, not a number and a profit unit.

Bendigo & Adelaide Bank; MyState; Bank of Queensland; Member’s Equity Bank (ME Bank); Suncorp; Credit Union Australia; Queensland Country Credit Union; these are all places where you can find good, old-fashioned service and personalised products.

We’re not saying their loans are unsuitable. Without seeing your personal circumstances or financial situation, we can’t make that claim. You need to ask your broker. Are you in your loan because it’s right for you? Or is it because it’s right for the broker?

Call One26 Financial Services on 1300 000 126 today to see if any of our loans are right for you… without the ownership bias.