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

Industry takes aim at 'inflexible' FHSA

Notify me of new replies via email
Australian Broker | 03 Mar 2011, 05:00 AM Agree 0
Treasury has released submissions to its exposure draft on First Home Saver Accounts, with several industry bodies calling for increased flexibility
  • Patrick | 03 Mar 2011, 12:34 PM Agree 0
    While the debate rages over banning commission on risk products in super, here is a product which has flopped and about which few first home buyers appear aware (in my experience). One of the arguments against banning commission on risk products is that critical underinsurance in Australia will increase, as risk products do not just jump off the shelf. It is a valid and compelling argument. If banks were allowed to pay financial advisers and mortgage brokers commission on FHSA's, just say 0.25% per annum, the vast majority of young Australias would be "sold" an account at age 18 and housing affordability improved significantly. If you want something done you have to pay someone to do it. Even charities pay commission for collectors of "donations" these days.
Post a reply