Mortgage brokers are warning of a market slowdown as both banks and brokers tighten access to credit on the back of the Royal Commission into misconduct in the banking sector, according to a media report.
The chief executive of Commonwealth Bank (CBA) owned broker, Aussie Home Loans, suggested that dramatic changes in credit standards are effectively locking people out of owning their own home. CBArecently announced plans to sell Aussie as part of a strategy to counteract expected recommendations from the Royal Commission. Mortgage brokers currently face numerous challenges, most concerning uncertainty surrounding their commission-driven remuneration models. Read more