Time-consuming compliance documents mean some brokers are having to turn business away.
Kellie Lam of Abacus Home Loans has told Australian Broker TV that the complexity of NCCP disclosure documentation and the time involved has hurt her business.
"The timeframe involved is dramatic cost-wise. Our business actually did drop because of the process," Lam said.
Lam said her business is part of the 1300 Home Loans network, and had to reject leads because of the paperwork burden.
"We could not actually take more clients in. We had to reject clients. When given leads, we had to turn them away," she said.
Vicki Grey of Gadens Lawyers agrees that the paperwork involved in disclosure represents a burden on brokers. But Grey said the complexity of the disclosure documents also hurts consumers.
"In think the disclosure document regulations are very complex, and they're unnecessarily complex. The problem at the moment is you have so much disclosure, and when you have so much disclosure we find that consumers tend to turn off," she said.
For more on the complexity of disclosure docs, and the MFAA campaign to simplify the process, see our exclusive report on Australian Broker TV.
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