Hai Money Collapse: What Borrowers Need to Know

Over 200 brokers are in limbo after the Hai Money sub-aggregator collapse, with some borrowers unable to attend auctions or finalise refinancing.

The collapse of sub-aggregator Hai Money is being felt well beyond the mortgage industry. [MPA Australia reports](https://www.mpamag.com/au/news/general/hai-money-brokers-unsure-how-theyll-make-ends-meet-as-collapse-threatens-livelihoods/574351) that more than 200 brokers remain locked out of lender systems following the collapse — and some of their clients are now unable to progress loan applications, attend auction days, or complete refinancing that was already under way.

Here is what happened, what it means for borrowers directly affected, and how to protect yourself when choosing a broker.

How the Hai Money Collapse Unfolded

Hai Money operated as a sub-aggregator under parent aggregator Finsure. In late April 2026, Finsure terminated its contract with Hai Money, following the revelation that numerous brokers operating under the group had been implicated in home loan fraud. The most prominent case involves Andrew W. Hu, named as an alleged mortgage fraudster and alleged ringleader of what has been described as the Penthouse Syndicate criminal network.

Because mortgage brokers must operate under an aggregator's credit licence, the 200-plus brokers working under Hai Money were immediately cut off. Major lender portals were closed. Pending applications were frozen. New deals could not be submitted.

Broker Johnny La of Sure Path Finance told MPA Australia that affected brokers are "still largely in the dark." He said: "Not a single aggregator has been willing to onboard affected brokers, leaving many of us effectively unable to operate."

The financial impact on innocent brokers has been severe. La said brokers he has spoken to have had to redraw on their home loans just to cover repayments. His own $6,500 commission for a loan written with a major lender in November 2025 and settled in February 2026 has still not been paid. "Across the board, brokers did not receive full upfront or trail commissions for April," he said.

Former Hai Money business development manager Alireza Seyedalizadeh said internal staff are also being turned away from lending roles, because compliance teams are unwilling to engage anyone associated with the collapsed group — regardless of individual involvement in wrongdoing.

The major banks have taken a firm stance. NAB boss Andrew Irvine stated publicly that the bank has "zero tolerance for any type of bad behaviour whether that be a colleague or a broker." ANZ chief executive Nuno Matos confirmed the bank was cutting ties with brokers "we have no confidence in." Commonwealth Bank and NAB declined to comment directly when approached by MPA Australia.

What This Means for Borrowers

For borrowers currently working with a Hai Money-affiliated broker, the practical consequences are real. Seyedalizadeh confirmed that clients have had their applications put on hold, with some unable to attend scheduled auction days. Refinancings — including debt consolidations that may have been time-sensitive — have been blocked while the situation remains unresolved.

If you believe your mortgage broker may have been affiliated with Hai Money or operating under Finsure's credit licence through that group, contact your broker directly to clarify their current accreditation status. A broker who cannot access lender portals cannot progress your application — and the longer a stalled application sits, the more likely your pre-approval or rate lock may lapse.

The Finance Brokers Association of Australia (FBAA) has reached out directly to affected brokers. Outgoing FBAA chief executive Peter White has been clear that not every broker caught in this situation is implicated in wrongdoing. "We can't tar everyone with the same brush," White said, adding that the FBAA has "received calls from brokers who haven't even written their first loan, and have lost their accreditation."

That distinction matters. Many of the 200-plus affected brokers are experienced, legitimate professionals who have simply found themselves unable to work because of decisions made by others within the same group.

Choosing a Broker You Can Trust

The Hai Money situation is a timely reminder that the broker you choose matters beyond their rate recommendations. A properly accredited broker operates under an Australian Credit Licence — either their own or as an authorised credit representative of a licensed entity — and will be a current member of an industry body such as the MFAA or FBAA.

You can verify a broker's licensing through ASIC's Connect Professional Register before proceeding. A broker who is fully operational, independently accredited, and has a clean compliance record can make a meaningful difference to the rate, structure, and timeline of your loan.

If your current application is stalled or you need to start fresh with a broker who can progress your loan right now, our [refinance hub](/home-loans/refinance) is a useful starting point for understanding your options. First home buyers working through the pre-approval process can find guidance through our [first home buyer hub](/home-loans/first-home-buyer).