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ASIC reveals mortgage brokers failing to meet borrowers’ needs

The corporate regulator is advising customers to be upfront with their brokers after a report found many were unhappy with their loan.

An ASIC mortgage report has found 10 per cent of people who used a mortgage broker to arrange a loan struggled to meet repayments within 12 months.

ASIC Commissioner Sean Hughes tells Ross Greenwood the findings are “disturbing”.

“People went to a broker and thought that the broker would shop around for them and get them the very best deal.

“In a number of instances, only one or two options were put back to the customer.

“Other customers said that they thought that the loan that was offered to them was not the cheapest loan that they got.”

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