I'm sure you haven't missed the final report of the Royal Commission in Australia. If its recommendations around mortgage advice are adopted then the industry in Australia is in for a tough time. Our goal today is to see what it means for New Zealand advisers.
The worry has to be that because the big four banks over here are Australian-owned their parents will force them to follow what happens in Australia.
You can't help feeling that the report is another one of these ones which ignores practicality and is driven by academic thinking and theory. Nearly 60% of home loans in Australia are originated through advisers, and that market share continues to grow. With stats like that it's hard to argue that there is a customer issue.
We'd welcome your thoughts. You can email them to philip@tmmonline.nz
__In rate news: __SBS have lowered its one-year Special. See the table here.
