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Benchmark rate revisions questioned

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Australian Broker | 15 Apr 2011, 06:00 AM Agree 0
Revisions to bank benchmark or "affordability" rates have resulted in calls for brokers to conduct their own robust serviceability calculations
  • countrybroker | 15 Apr 2011, 03:50 PM Agree 0
    Yes it is time for a sericability calculator that a licenced broker can use . the MFAA need to get a industry wide standard and create a generic calculator, Oh I just had a thought, the two LMI'S have a very robust calculator each, perhaps ASIC would recognise the use of those calculators as an industry wide calculator .
    If we can all do electronic lodgements , it will save time in that brokers will not have to use each individual bank's calculator, providing they will accept us using a standard one such as an LMI calculator or an MFAA generic calculator . It is time for the industry to demand acceptance of a generic calculator.
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