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MFAA blasts major bank dominance

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Australian Broker | 07 Jun 2012, 04:00 AM Agree 0
The MFAA has come out in defence of brokers and mortgage borrowers who it says are 'paying the price' of dwindling lending competition as non-banks 'wither on the vine'
  • Josie Wales | 07 Jun 2012, 10:21 AM Agree 0
    If the government wants to gain back control over the banking sector, and support the second tier lenders - reopen a government Bank, like the old CBA or the State banks, to go into direct competition with the Majors. The majors are making bucketloads of money, so it has to be a money spinner for the goverment. If the smaller players can ride on the coat-tails of a governemnt bank, the bigger banks will have to come back to a real market, not the ologopoly they have now!
  • BONED | 07 Jun 2012, 10:41 AM Agree 0
    Ha ha Josie! If a Govt Bank is run anything like the current Public Service, it will only strengthen the 'independant' majors! In any case, we all (should) know that most of the Major's profits do not come from home lending! So not sure that having a Govt Bank would provide any real benefit whatsoever!! I also would have thought that Naylor may have remained impartial to this argument, given the support some of the 'Majors' give the MFAA!!
  • Incognito | 07 Jun 2012, 11:13 AM Agree 0
    I would happily broker loans for Australia Post Bank it was a competitive offering..
  • Broker | 07 Jun 2012, 11:13 AM Agree 0
    This Government has a history of destroying everything they fiddle with , they would struggle to run a chook raffle, let alone a bank
  • Loz | 07 Jun 2012, 11:15 AM Agree 0
    To be honest guys the non bank market sector was a playground for greedy brokers and mortgage managers, and during GFC1 they proved to be unstable, grand had not acted in the best interests of clients, as an example how many customers of Wizard ended up with Pepper....
    The non bank market wrote its own death notice
  • Ray - Perth | 10 Jun 2012, 02:33 PM Agree 0
    What on earth is the MFAA doing? Firstly they are trying, unconvincingly, to look like they are on the brokers side and the slam the Exit Fee Ban. Its laughable. The EFB is the one thing giving us a heap of refinancing business now days. Only the big banks are being hurt by thatban. So again the MFAA is just showing just how distant it really is from the real world and the front line brokers. Its just staggering !!
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