There are just 24 hours left to share and respond to The Adviser’s Borrower Experience Survey undertaken by Momentum Intelligence, which will form a white paper highlighting the experiences of borrowers through the retail and third-party channels.
Launched last month off the back of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, The Adviser commissioned Momentum Intelligence to produce a white paper to better inform legislators about the intricacies of third-party distribution.
The cornerstone of the report is a major survey of borrowers, which aims to understand the decisions behind why they chose their mortgage provider, what their sentiment and understanding was around royal commission and, importantly, what would influence their decision when choosing which distribution channel they would use for a home loan in the future.
The Adviser is strongly encouraging industry players to share the survey with as many customers as possible, to ensure that their sentiments and experiences are heard by key policy and decision makers in the coming months.
Alex Whitlock, director of mortgages at Momentum Media, noted that a key question in the survey centres around borrower sentiment towards paying a fee for service and how this could impact their choice to use a broker.
“There has been great speculation around conflicted remuneration in the third-party channel. For this discussion to be complete, it is critical that we consider the borrower, who ultimately will be most affected should the cost structure in accessing a loan change,” he said.
“It is essential that borrowers have access to the widest possible range of lenders and products, ensuring robust competition in the mortgage market. This will ensure that mortgages are ultimately offered at the lowest sustainable margin by lenders.
“If we end up being forced to use the lender with the biggest retail network, history tells us that the cost to borrow will increase for the borrower.”
The survey will close at 5pm on Friday (14 December) and will be made available to brokers to share with their clients shortly after.
You can share The Adviser’s survey to your clients by following the steps outlined here.
[Related: The Adviser launches major borrower survey]
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