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'Raymond' sticks it to the banks

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Australian Broker | 19 Jun 2009, 08:00 AM Agree 0
At a media lunch yesterday during which RAMS announced plans to double its franchise network and expand into new territories it also had a poke at its banking rivals
  • Dave | 19 Jun 2009, 08:37 AM Agree 0
    Your kidding me.


    RAMS is now Westpac. Independnence gone forever.

    AUSSIE is now CBA. Same deal.

    Time for new action these are the past.
  • Broker | 19 Jun 2009, 07:50 PM Agree 0
    Hi Dave,

    surley you must have known that RAMS was purchased by Westpac? There was plenty in the papaers about the takeover which happened in January 08. If you notice there are plenty of differences between the Westpac policies and that of RAMS and the pricing is also different.
  • JJ | 21 Jun 2009, 09:29 AM Agree 0
    Broker, you must be kidding. Feeding RAMS is like feeding Westpac. If RAMS doesn't peform, Westpac will give it the flick. For your info, Westpac's head of 3rd party distribution was formely with RAMS.....RAMS policies are SET BY WESTPAC.....so as for "Raymond sticking it to the Banks" is a whole lot of rubbish
  • Broker | 22 Jun 2009, 05:01 PM Agree 0
    Hi JJ,

    if you knew the difference between the WEstpac and RAMS policies you wouldnt have made the comment above. Yes Westpac du own RAMS but they are seperatley run businesses. By the way dont be worredi about RAMS they just increased their book to $5Billion up from $2Billion since Jan 2009. That means an increase of $3Billion in settled loans in 4 months. I dont work for them but have a friend who does hence the info i get.

    Cheers
  • SteveOZ | 23 Jun 2009, 09:28 AM Agree 0
    Broker, regardless of differing policies and pricing, WBC and RAMS are just two heads of the same snake. Same as AHL and CBA, et al. For true competitive lending, the Monopoly of the Majors needs to be broken, and has to start a the MFAA
  • Broker | 23 Jun 2009, 11:09 AM Agree 0
    SteveOZ,

    if you are waiting for the MFAA to do something about it it will never happen. The MFAA can and will not do anything to jeopardise their relationships they have with their business partners (all lenders). I agree that competition certainly helps the industry but at this point in time its a long way off due to funding costs for Non banks.

  • Bob the Broker | 23 Jun 2009, 02:06 PM Agree 0
    Why didn't he waive his backside outside a Westpac branch I wonder?
  • observent broker | 23 Jun 2009, 02:56 PM Agree 0
    if you read the bottom of the rams material it says
    Credit provider - Westpac

    to be more precise Westpac banking Corporation as credit provider for loans originated by Rams

    Mortgage insurer - WBC LMI - westpac
    Owner - Westpac

    Rams westpac... one in the same I reckon..

    wonder what do the mortgage documents say??


    "Acquiring the RAMS franchise network will provide a new growth option for Westpac. It will add an additional retail channel and extend Westpac's retail footprint by more than 10 per cent via an additional 92 stores operated by 53 franchisees. Today's announcement is another step in Westpac's continuing investment in its distribution capability and its customer reach. "

    sounds Westpac to me!

  • Broker | 24 Jun 2009, 08:24 PM Agree 0
    RAMS Mortgages have Westpac Banking Corporation Limited on them as they provide the funding. No different to many Non Bank lenders who use Perpetual as their trustee.

  • not fooled | 26 Jun 2009, 12:32 AM Agree 0
    The broader community should be aware of this con.....RAMS are tryig to deceive the public by creating the "perception" that they are antibanks when in fact they are a muppet of Westpac!

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