Mortgage brokers are beginning to diversify into providing insurance and financial planning advice as commission levels in their industry continue to fall.
The recent consolidation of mortgage providers, and the resultant market domination by bank lenders, has seen mortgage broking commission levels fall dramatically over the last 12 months, according to recent research from Datamonitor.
The Datamonitor Australian Mortgage Broker Survey 2009 reports that brokers have become less optimistic about short-term business expectations, and as result have diversified into other product areas.
This is a general comment only and does not constitute advice. Before making financial decisions you should seek advice from a professional adviser, who can take into account your specific circumstances and investment goals.