The elimination of mortgage broking trailing commissions will halve the average annual income of a broker to $40,000, triggering an exodus from the industry and choking off bricks-and-mortar distribution for small and foreign home-loan lenders, says Aussie Home Loans chief James Symond.
He warns the industry is being reshaped following a royal commission process that had allowed limited right of reply to allegations and no consultation, as he mobilises brokers around the country to lobby MPs for help.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
