Super fund mortgage service slashes broker commissions
QSuper members will gain access to a mortgage broking service which offers a refund on 50 per cent of the lending institutions' ongoing commissions.
Its financial planning arm QInvest will launch the new service through a newly formed team of salaried mortgage brokers, with 50 per cent of the value of ongoing commissions going into the running of the business.
The superannuation fund said the move would enable its members to get a better deal on their home loans and forms part of its move towards a holistic whole-of-life offering, which includes the annuity product it launched earlier this year.
QSuper chief executive Rosemary Vilgan said some members would be able to retain their current mortgage provider.
"We are delighted to be able to offer our members access to hundreds of mortgage products and the opportunity to get a great deal on new or refinanced home loans," said Vilgan.
The fund wanted to provide certainty around members' financial goals, with securing a house being just one of those, according to Vilgan.
QInvest chief officer of advice Steve Cullen said the fund aimed to support members in paying off their mortgages sooner.
He said members would save through access to better deals and the 50 per cent refund on ongoing commissions, which could then be applied to the mortgage or put into an offset account.
"Members can choose how to use funds from the offset account; they could put more into their super, or boost their savings," said Cullen.
AUTHOR
Staff Writer
Recommended for you
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
Morningstar is going to offer research ratings of funds in the $3.5 trillion superannuation sector for the first time in response to demand from financial advisers.
Treasurer Jim Chalmers has opened a consultation into the design of the annual superannuation performance test, canvassing views on a range of reform options.
