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The Royal Commission Update. How will this Impact You?

How Will the Commission Update Affect You | Zippy Financial

You may have heard the news about the Royal Commission's recommendations relating to the mortgage broking industry. Here is an update on what it may means for you - especially if the recommendations becomes law.

Business is as usual for Zippy Financial. Nothing has changes yet and our service remains the same. We are here to help and, always will do so with the best interests at heart.

Our home loan services are still at no cost to our customers. However, the Royal Commission has made recommendations that could impact your ability to secure a competitively-priced home loan in the future, so let's cut through the media noise and provide some basic facts.

What does the Report Say?

At present, lenders pay mortgage brokers a commission (fee for all the work we do for you rather than their staff member or call centre member), which enables us to provide our home loan service at no cost to our customers. The Royal Commission's final report recommends gradually banning commissions and moving to a system where home loan customers will need to pay brokers a fee for the service we offer.

What does this Mean for You?

This is a major change and a threat to competition in the home loan market. Mortgage broking as an industry has delivered important benefits to all Australians. Today, mortgage brokers are responsible for arranging almost 6 out of every 10 (59.1%) home loans and this figure is growing. For over two decades, we've helped drive competition in the home loan market, giving home buyers greater choice and driving home loan interest rates down.

If the proposed changes were to become law, many consumers would not be able to afford the services of a mortgage broker and mortgage brokers would struggle to survive. Without brokers, more power will go to the big banks and Australians will have less access to smaller lenders as they'll stop lending/close less access to credit, and interest rates are likely to rise due to lack of competition.

Where to from Here?

The Banking Royal Commission has offered recommendations only. The Federal Government will now consider what legislative changes should be made, which will take some time. We need your help to ensure the policy makers understand the potential impact of the changes on borrowers.

Stand with us in this first for competition and choice. To do so, please sign the industry's online petition at If you would like to take further action, the website also provides the tools for contacting your local MP, this will only take a minute to do.


We will keep you up to date with any changes the government introduces.

Right now, it is business as usual for us and we are here to help with all your finance needs - car loans, insurances, financial planning, business loans and making sure your home loan is right for you.

We are here to help and listen. If you have any questions about how the Royal Commission recommendations might impact you or if you want to share your story, feel free to reach out. We are actively looking for any clients who are happy to go on video stating why they want to have access to Mortgage Brokers and how they help you.

And if you know anyone looking for finance we'd love your referral!

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