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MORTGAGE BROKERS: With reference to an article published by SmartCompany on 17 March 2019 under the heading ‘Mortgage brokers rejoice as coalition backflips on trail commission ban,’ reports: “In what can only be considered a win for the politically influential mortgage broking industry after a month of sustained lobbying, Treasurer Josh Frydenberg said the government won’t ban trail commissions on new loans and will instead review their operation in 2022.”
Whilst the report states: “The back down is a victory for the broking industry, . . .” and, “ASIC findings on mortgage broker loans indicate customers borrow more and pay down debt slower when brokers are involved, but get the same interest rate as those who go direct.” in our view it is also a substantial victory for small business.
This revision by the Government is greatly welcomed by small business and its ongoing support of the sector, accordingly, we wish to commend and thank the Government for its initiative.