If you have cause for complaint against anyone in the mortgage industry (banks included), here is how to do it…
Brokers are required to be a member of an industry body. These are the Mortgage & Finance Association of Australia (MFAA) (formerly MIAA) or Finance Brokers Association of Australia (FBAA).
They are also required to be a member of an external disputes resolution service like the Credit Ombudsman Service Limited (COSL) – 1800 138 422; and the Financial Ombudsman (FOS) – 1300 780 808.
These bodies all require their members to have and Internal Dispute Resolution procedure in place, to which consumers can direct complaints. If you are unsure as to where to direct your complaint you can call the ASIC info line on 1300 300 630.
All mortgage brokers are also required by ASIC to hold an Australian Credit Licence or be an Authorised Credit Representative of a licence holder.
Should you have a complaint about your mortgage broker, it is best to direct that complaint directly to them to give them opportunity to address and settle the complaint. You of course need to give them an appropriate amount of time to respond and rectify the problem. If however you are not satisfied with the result, your next step should be to request their complaints handling procedure.
Be sure to keep a copy of any communication you send and a record of any other written or verbal correspondance. Again allow a reasonable amount of time for them to respond.
In the event you are still unsatisfied you can contact the industry bodies the broker is a member of and direct your complaint to them, and to ask their assistance in having the matter sorted. Your broker must provide you with these details. If you are unsure you can always contact ASIC for information to assist you.
If your complaint is about your lender, and you have had no success in having the issue corrected, you can contact the Financial Ombudsman Service.
Each lender will have a representative who is responsible to help you with your problem. Sadly very few people are aware of this, and therefore feel at the mercy of the lenders, however a phone call to this area is usually all it takes to get problems sorted very quickly.