Home Loans. Approximately 35% of all loans secured by a mortgage in Australia were introduced by mortgage brokers in 2008. In March 2012, the share of loans introduced by Mortgage Brokers had risen to 43%. In 2016–2017, mortgage brokers had contributed to $2.9 billion to Australian economy. In 2019, the Mortgage Broker market share has grown to 59% of the mortgage market, however, the future viability of the sector has been cast into doubt due to recommendations of the Hayne Royal Commission. Commissioner Hayne has recommended that lenders cease paying upfront and trailing commission to Brokers and instead, that the consumer pays a yet-to-be determined upfront fee for service. The industry (led by the FBAA and MFAA) leveraged the 2019 Federal Election campaign to convince the Liberal Government to back down from introducing an upfront fee-for-service model. These efforts have been described as a 'textbook case of successful grassroots lobbying'. Mortgage brokers are now regulated by the Australian Securities and Investments Commission. The new national consumer credit protection legislation includes a licensing regime and responsible lending obligations. Mortgage brokers are also required to be a member of an external dispute resolution provider such as the Credit ombudsman service Limited (COSL). Furthermore, some lenders require accredited brokers to be a member of an industry body such as the Finance Brokers Association of Australia (FBAA) or Mortgage & Finance Association of Australia (MFAA). These industry associations demand that brokers complete at least 25-30 of continued professional development each year to maintain their skills and knowledge. Fees Australian and New Zealand mortgage brokers do not usually charge a fee for their services as they are paid by the lenders for introducing loans. They are paid an up front commission that is on average 0.66% of the loan amount and an ongoing trail commission that is on average 0.165% of the loan amount per annum paid monthly. These commissions can vary significantly between different lenders and loan products, especially since the commission re-alignments introduced by Australian banks during June to August, 2008 in reaction to the Subprime mortgage crisis. Although mortgage brokers are paid commissions by the lenders this does not alter the final rate or fees paid by the customer as it may in other countries. Mortgage brokers do not have the ability to charge the customer a higher or lower rate and in return obtain a higher or lower commission. In the