Australian Broker forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Consumer complaints against brokers drop

Notify me of new replies via email
Julia Corderoy | 27 Oct 2015, 08:00 AM Agree 0
Consumer complaints against mortgage and finance brokers decreased over the 2015 financial year
  • Stephen Dinte | 27 Oct 2015, 10:01 AM Agree 0
    Whilst I do not know the exact total number of loans written each year by all mortgage brokers in Australia, I am confident that it would be in the hundreds of thousands. COI received 294 complaints during the year. That equates to something like 0.01% or 0.02%. Waste of time to think about it.
  • Steve McClure | 27 Oct 2015, 10:29 AM Agree 0
    At a time when loans and broker activity has increased, it's a great result. Also, the improved commitment to the broker channel by lenders, combined with the efforts of brokers and associations has helped to head in the right direction.
  • JB | 27 Oct 2015, 11:57 AM Agree 0
    A large percentage of the 294 would be frivolous complaints. I had one made against me by a client who declined a finance approval and did a loan with another broker. Then made a complaint with COSL about the loan that never proceeded and never cost them anything. Waste of time, cost me a few hundred bucks though.
  • Dave Robinson | 27 Oct 2015, 04:22 PM Agree 0
    Did anyone ask how many complaints against lenders? Would like to know the numbers to pass on to ASIC.
  • Jimmy | 28 Oct 2015, 08:42 AM Agree 0
    Dave - there were 745 complaints made against residential lenders and mortgage managers, which accounted for 15.4% of total complaints, as stated in the article.
Post a reply