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‘A massive handball’: Brokers fear Hayne changes will hurt consumers – Mortgage brokers have hit out at the royal commission’s recommendation to scrap their commissions, saying it will play into the hands of the big banks by making customers less likely to compare loans.
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Shares in Australian mortgage broking companies are getting destroyed – But mortgage broking companies are getting annihilated. The business model for mortgage brokers that involves taking commissions from banks on loans looks set to be torn apart, with the inquiry.
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Morrison backs brokers despite warning from banking royal commission – Scott Morrison has backed the mortgage broking industry in the face of demands from the banking royal commission for major changes to how brokers are paid, saying he does not want the sector to.
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