SHOCKED: Jake Kane said he wouldn't have been able to get a home loan so quickly without the help of a nambour broker.
SHOCKED: Jake Kane said he wouldn't have been able to get a home loan so quickly without the help of a nambour broker. Warren Lynam

'I wouldn't have a house without it': Homeowner's struggle

SELLING his car to afford a new home was an option Jake Kane considered as finance struggles and complicated processes consumed him.

But after reaching out to Yellow Brick Road Nambour branch principal Steven Nicholls, Jake moved into his new Burnside home within two months.

The 34-year-old was glad to have Mr Nicholls jump all the banking hoops, something that may not be possible with the outcome of the Banking Royal Commission.

One of the recommendations handed down by Commissioner Kenneth Hayne was to change how mortgage brokers and financial planners are paid - a move that could force many out of the business.

Most brokers are paid an upfront commission by the bank that finances the loan and an ongoing fee called a trail commission - which is a deferred amount of the original payment - is paid to them over the life of the loan.

Under the proposed changes, customers would pay an upfront fee whether or not they got a loan through a bank or broker with no ongoing fees.

Mr Nicholls said these decisions weren't just detrimental to his industry, but for future home buyers and the housing market.

"Commissions aren't the enemy," he said.

"People who will be forced to approach the banks for loans won't get the options laid out for them... our industry is on edge."

Mr Nicholls has serviced about 100 clients since he moved to the Coast last year for a new start.

He employed three part-time brokers, saying their jobs could be under threat if nothing changes.

While many brokers have banded together in support, Mr Nicholls said their fight wasn't over.



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