Penthouse Syndicate Settled: Choosing a Safe Mortgage Broker

A confidential settlement ends the Hai Money–Finsure court battle, closing a chapter on alleged broker fraud that saw NAB, CBA and others act.

One of the most closely watched legal battles in the Australian mortgage industry has come to a quiet close. Hai Money, the now-collapsed sub-aggregator, and Finsure Finance & Insurance Pty Limited have reached a confidential settlement of Supreme Court of New South Wales proceedings that arose from Finsure's purported termination of Hai Money's sub-aggregation agreement, The Adviser reports.

Both parties confirmed in a joint statement on Thursday 28 May 2026 that proceedings had been resolved and that they had "mutually agreed to terminate the sub-aggregator agreement between them." Significantly, the statement recorded that this resolution "is not based on any assertion of wrongdoing by Hai Money or Finsure." The commercial terms remain confidential.

How the Legal Fight Began

The dispute arose against the backdrop of serious fraud allegations. Between June and September 2025, Finsure informed Hai Money that National Australia Bank had suspended 15 brokers associated with the group — including Andrew Hu, a former NAB and Commonwealth Bank of Australia banker who had operated under Hai Money's credit licence and has since been charged with 89 offences connected to the alleged Penthouse Syndicate fraud scheme.

The situation escalated dramatically on 23 December 2025, when Finsure was advised that NAB had suspended accreditation for Hai Money's entire broker network. The Commonwealth Bank of Australia suspended all Hai Money brokers pending investigation. Macquarie Bank, ANZ, and Suncorp each terminated significant numbers of Hai Money brokers as well. Finsure ultimately sought to terminate the sub-aggregation agreement entirely, citing serious risk to its business and reputation.

Hai Money went to court arguing the termination was unlawful. In a significant early procedural win, Justice Williams granted Hai Money an interim injunction, finding on the available evidence that Hai Money had "a strong case" and that ending the agreement prematurely would effectively destroy its contractual rights before trial. The judge was unconvinced that Finsure's reputation would be "fatally damaged" by continuing the relationship during proceedings — particularly noting that Finsure had simultaneously hired a broker whose Macquarie accreditation had been terminated and was in the process of onboarding seven ex–Hai Money brokers at the time.

A PwC review commissioned by Finsure was summarised by Hai Money's lawyers as making "no allegations Hai Money was involved in what appeared to be acts of wrongdoing with some of the brokers." Justice Williams specifically noted there was "no evidence of any findings made by those lenders (if any) in respect of any particular brokers" — only media reports and precautionary lender actions.

The settlement now brings those proceedings to an end, without the full trial testing those competing claims.

What This Means for Borrowers

Most home loan borrowers will never find themselves directly caught up in a case like this. But the Hai Money situation illustrates several important realities about how the mortgage industry works — and what to look for when choosing a broker.

**Lender accreditation can be revoked quickly.** In this case, NAB, the Commonwealth Bank of Australia, Macquarie Bank, ANZ, and Suncorp all took action against Hai Money-linked brokers within a short window. If a broker's accreditation with a major lender is suspended during your application, your loan submission may need to restart through a different broker or lender. It is reasonable to ask any broker upfront which major lenders they are currently accredited with.

**Aggregator oversight matters.** Individual brokers operate under an aggregator's licence and compliance framework. When an aggregator faces the kind of scrutiny that emerged in this case, the disruption can flow down to every broker in the network. Aggregator backing from a large, established group provides compliance infrastructure and monitoring that smaller networks may lack.

**Alleged fraud by individuals is not proof of fault by a firm.** The PwC review found no evidence that Hai Money as an entity was complicit in the alleged wrongdoing. For borrowers, this is a reminder that industry headlines don't always reflect the status of your own application or your broker's individual accreditation record.

If you want to review your current loan or compare options across well-accredited lenders, explore our [refinance hub](/home-loans/refinance) or browse [investor loan options](/home-loans/investor). First-home buyers looking for certainty around lender choice can check our [first-home buyer hub](/home-loans/first-home-buyer), and our [refinance savings calculator](/calculators/refinance-savings) can help you model whether switching lenders makes financial sense right now.

Staying Protected as a Borrower

The criminal proceedings relating to Andrew Hu's 89 charges will continue to play out separately. The civil dispute between Hai Money and Finsure is now resolved. For borrowers, the best protection is straightforward: use a licensed, accredited mortgage broker who operates under a reputable aggregator, and confirm your application is lodged with a lender where your broker is in good standing before you proceed.

For anyone whose existing loan was arranged through a broker network that has faced disruption, the simplest step is to contact your lender directly to confirm the loan is in good standing. A mortgage broker can also help you review whether your current lending arrangement remains competitive.

*The Adviser published the full details of the settlement on 28 May 2026. Read [the complete coverage here](https://www.theadviser.com.au/aggregator/48488-finsure-hai-money-end-legal-standoff-with-confidential-settlement).*