One in five home loan recommendations from mortgage brokers are not the cheapest option. ASIC wants them to explain why

In more than one out of five home loan recommendations, mortgage brokers are passing over the cheapest deal, and the corporate regulator says many are failing to adequately explain why.

An Australian Securities and Investments Commission audit of the largest aggregator groups, which provide services to about 27,800 mortgage brokers, found compliance with their “best interest duty” obligations could be improved, including closer monitoring of broker fees and increasing resources to handle borrower complaints.

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