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Everyone has an opinion, and some people feel compelled to speak out. Here’s just a few comments prompted by daily news broken on www.mortgagebusiness.com.au.
On CBA’s comments that it will not pass any full rate cuts on
It is now time for the Australian government to put in place some sort of regulation whereby banks have to show good cause for why they cannot pass on the full impact of an interest rate decrease because they are good at passing on the full increases when they need to.
Jerry Gibb, coastline mortgage services
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On big bank servicing levels
The banks are doing everything they can to discredit the broker channel and have now almost gone as far as to create two distinct channels for processing – one for internal applications and a different one for third-party applications. They have then stocked the third-party channel with staff members that are so green you could soak them in petrol for a week and you still wouldn’t be able to set fire to them.
John Mckell
I just hope we can rebuild a viable ongoing non-bank lending stream so that we really can provide competitive pricing and service that is not reliant on the banks’ commitment to our industry.
Bernie Sutton, mortgage guys
On whether February’s rate cut will be enough to boost the market
All the rate reductions in the world will not kick start the economy unless there is a recovery in the construction industry. For this to happen new subdivisions need to be released and built, and the state governments need to review their infrastructure costs to make these new subdivisions affordable for the average wage earning Australian.
John Codrington, finance here
On Aussie’s rebranding of wizard
With 30 or so Aussie branches and 160 or so wizard branches, Aussie are counting on getting over 80 per cent of wizard franchisees to sign an Aussie contract. That's a pretty big ask at present. Wizard branches will be weighing their options up, as they will have to start again based on a change of branding.
Anonymous
On the government’s second stimulus package
I'm all for an expansionary fiscal policy but this is reckless fiscal stupidity. Why not stand on top of the treasury building and simply tip truck loads of $100 bills into the streets. Sensible targeted fiscal packages aimed at creating lasting benefits in the economy are all but nonexistent in the $42 billion package.
Paul Woodley, Paul Woodley loans
On BankWest’s new commission structure
BankWest should be issuing all brokers with red and yellow caps like volunteer lifesavers wear; after all, they practically want us to volunteer our services. To brokers that support the lenders that drastically reduce commissions, please, for the future of our industry guys, rethink.
Bob Campbell,LJ hooker financial services
