Australian Broker forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Government drops exit fee draft bomb

Notify me of new replies via email
Australian Broker | 16 Feb 2011, 06:30 AM Agree 0
The Government has made clear the full extent of its planned exit fee ban, in a "very worrying" draft release to industry yesterday
  • Brad Quilty | 16 Feb 2011, 12:21 PM Agree 0
    Couldnt agree more. Banning exit fees will cripple the non bank lenders. Surely the Senate inquiry will pick this up and block the proposal?
  • Damiren | 16 Feb 2011, 12:34 PM Agree 0
    They just don't get it in Canberra do they!
  • Spud | 16 Feb 2011, 01:44 PM Agree 0
    LOL well 200 years of australian histroy and we still vote for the Labor party really Australians only have themselves to blame
  • GG | 16 Feb 2011, 01:45 PM Agree 0
    Maybe the govt should also ban broker commission clawbacks as well.
  • Garry Compton | 16 Feb 2011, 02:02 PM Agree 0
    Hopefully when the ALP get booted out at the next election common sense will return and this idiot idea will be overturned - if it gets passsed.
  • Julio | 16 Feb 2011, 02:37 PM Agree 0
    it's not just the ALP you have to worry about here, it's the greens! This is where the real problem lies.
  • Danny | 16 Feb 2011, 02:47 PM Agree 0
    This is Madness. the government just doesn't get it>....
  • MJR | 16 Feb 2011, 02:59 PM Agree 0
    For the sceptics who always thought that all this alleged regulatory work was being done to increase competition, have you woken up yet?


    When will people in this industry WAKE UP.... the banks, fund-lobby-frame-and steer Political opinion..... put that together with the Public Servants who 'off-the-record' think everyone else is some kind of shoddy backyard used-car-salesman (and want to fix-us-up)

    It staggers me that even after writing this, some goose will argue and propose that all of this is in the industries best interest, when the ultimate truth is banks are steering the whole narrative, legislative-design and ostensibly the legislation.

    This move will be one more nail in the coffin of non-bank-lending. It kills off-balance-sheet lending, it really is that simple.

    Bye bye mortgage manager, bye bye Advantedge/RESIMAC.

  • Ozboy | 17 Feb 2011, 09:25 AM Agree 0
    Wow if I was outside of our industry and read the above there is no way I would ever use a mortgage broker. The sky is falling and the banks are ruling the world. Get out and live there is more to life than taking a negative attitude to everything.
  • KT | 17 Feb 2011, 09:29 AM Agree 0
    Agree with GG....ban broker commissions clawback! Brokers are the ones who encourage competition amongst lenders. Don't kill the industry that introduce borrowers to alternative home loan solutions!!!!
  • MJR | 17 Feb 2011, 02:21 PM Agree 0
    Dear Ozboy

    It's not negative to observe (over a decade) and then make comment about the intra-industry steering.

    Once 'off-balance-sheet' is gone, the competition that many thousands of individuals funded through creating their own small businesses was all for naught.

    At least you didn't argue that it was "in our industries best interests"

    We (Australians) have a tendency to lable people as negative for simply making statements of fact.

    Any one with half a brain can see that "we" are not in the design chair, nor are we collectively calling the shots... and for that matter, nor are the regulators... there's another group behind all these moves, and if they happen to go by the general name 'Bank' well then so be it.

    In the event that your comment is just another manufactured 'Aust-Broker-Journo inspired' creative bit of writing to stir the pot.... well done :)
  • osbroker | 17 Feb 2011, 02:54 PM Agree 0
    I agree that this legislation has either been poorly thought through or has been influenced in a major way by the big boys.
    Does anyone know who we can write to to put our point of view forward? If we don't try, we can't cry when it comes through now, can we?
Post a reply