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Major franchise calls for fair rate adverts, tax deductible advice

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Australian Broker | 04 Feb 2014, 05:00 AM Agree 0
A major mortgage franchise has called on the government to introduce a raft of changes incorporating ASIC’s mandate, financial literacy and home loan advertisements, in order to improve the country’s financial system.
  • Old joe | 04 Feb 2014, 09:35 AM Agree 0
    Hang on a sec , didnt wizard home loans advertise a teaser rate all those years ago so that they could stay on the top of tables and also didnt someone lobby hard to have the LMI not included in the true rate comparison because the cash flow cover component on the premium blasted the non bank lenders by being sometimes almost 30% higher than the bank loans LMI premium. dont you love history the GFC was so much fun.
  • Monty of Perth | 04 Feb 2014, 11:58 AM Agree 0
    Old Joe: Yep, remember all of that.
    And Wizard via its former self offered the lowest rates yet but after inquiring why I couldn't offer the same low rates as a member of then initial owner and funder, was told those rates were never written. Just teasers.They were all up sold....
    So this article seem to be all about YBR looking for more headlines.
  • Cynical | 04 Feb 2014, 02:33 PM Agree 0
    Most consumers are primarily worried about cost of living pressures, job security not to mention the excessive price they have to pay for their home. New borrowers focus is on the....Please, please CAN I get my loan approved.... things like the interest rates & the upfront & ongoing fees are the necessary evils & most of the time there isnt much difference between providers. At any rate, 2mins after their loan settles Mr & Mrs Ordinary Aussie couldnt tell you what the rate on their HLN is.
    Thats not to say that disclosure & comparisons are any less important.
    I just think there are much bigger issues for the powers that be to get their knickers in a twist about.
  • Goodo | 05 Feb 2014, 09:26 AM Agree 0
    Sounds like Bouris is having another whinge. Must not be reaching volume targets at YBR.
    Since when is a True Average MOrtgage $300,000. Doesn't it vary greatly across the country and even the suburbs of a city like Sydney. Glad my average loan size is a lot bigger than YBR's.
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