Mortgage brokers failing to recommend cheapest loans
The Australian Securities and Investments Commission has released a review revealing mortgage brokers don't always recommend the cheapest home loans to clients, despite a legal obligation to act in customers' best interests. ASIC Commissioner Alan Kirkland explains that seven out of eight aggregator groups reviewed showed brokers failing to offer the best option in 20% of cases. Consumers are advised to ask brokers detailed questions about why specific loans are recommended and what alternatives were considered.
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