Andrew Keir and Kathy Curry of Aus Credits in Maroochydore are concerned that their industry will be tarnished after the banking royal commission.
Andrew Keir and Kathy Curry of Aus Credits in Maroochydore are concerned that their industry will be tarnished after the banking royal commission. John McCutcheon

Brokers refuse to be 'silent' after commission crackdown

A SUNSHINE Coast mortgage broker is "stunned" at the outcome of the Banking Royal Commission, saying it's put their industry in danger of doom.

After trading in the region for more than 25 years, Aus Credits Finance and Insurance principal Kathy Curry said she was "afraid" for their future after crackdowns to eliminate commissions from the financial sector, including mortgage broking, financial planning and insurance sales.

"All we want to do is be able to survive," she said.

Commissioner Kenneth Hayne handed down multiple recommendations, including dramatic changes to the payment of mortgage brokers and financial planners to a customer-pay service - one that may see many leave the industry.

Ms Curry said having no industry body standing up for their side made for an unfair result.

"There was no-one from our industry, industry bodies... invited to the commission, to talk about what we do, other than hearing from the bank executives that brokers do very little for their money," she said.

"The whole focus of the commission was diverted at that point in time to brokers and their remuneration; with the Hayne recommendation that they be removed and move to a customer pays service."

Ms Curry said their business helped gain loans for tens of thousands of clients - with about 6000 currently relying on them.

"We would help anybody who walks in the door," she said.

"We've helped former client's grandchildren get their car loans, personal loans and house loans.

"We feel like we have been silenced."

Ms Curry said she didn't believe their involvement with banks "muddied the water", but instead cut the red tape and sped up the loan process for clients.

"A broker navigates the myriad of lenders, their products and their policies... to ensure that we can provide you with the most favourable options available to you depending on your circumstances - this all takes many hours of our time," she said.

She said the extra charges would leave people unfairly treated.

"Apart from having to navigate the application process yourself, you will be the ones hanging on the phones, trying to get the answers to the above issues," she said.

A meeting for local brokers will be held at the Mooloolaba Surf Club on February 15 at 2pm to provide support.