How do I make a complaint against someone in the mortgage industry (banks included)?
If you feel your rights and obligations have not been managed as you expected you could think about making a complaint. Making a complaint about a mortgage broker is pretty straight forward, they are required to be a member of an industry body, in Australia it’s either the MFAA or FBAA.Â
These industry bodies require their members to have an Internal Dispute Resolution procedure in place, to which consumers can direct complaints.
All mortgage brokers are also required by ASIC to hold an Australian Credit License 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 directly to them to give them opportunity to address and settle it.
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.
If you have had no success in having the issue corrected, you can contact ASIC or 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 home loan lenders. A phone call to this area is usually all it takes to get problems sorted very quickly.
