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ING Australia backs mortgage brokers in pay shake-up

The big four banks’ biggest international rival in the home loan market, ING Australia, has stressed the need to keep the mortgage broking sector viable as it faces a potential shake-up in remuneration.

The Dutch digital bank on Wednesday said that in 2018, it roughly doubled the industy’s average growth rate in the crucial mortgage market, where it depends on mortgage brokers for 85 per cent of its loans.

ING Australia chief executive Uday Sareen says mortgage brokers have an important role in the market.

ING Australia chief executive Uday Sareen says mortgage brokers have an important role in the market.Credit:James Brickwood

Full-year results showed its mortgage book grew by 9 per cent to $48.9 billion, which alongside growth in business lending and consumer lending helped to underpin profit growth of 15 per cent, to $401 million.

ING also said it had seen a 57 per cent increase in the number of customers, to 645,000, that had ING as their “main bank.”

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