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Resimac bins DEFs, extends clawback horizon

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Australian Broker | 27 May 2011, 05:15 AM Agree 0
Resimac has outlined changes ahead of the ban on exit fees, including the removal of DEFs and the introduction of clawbacks out to four years
  • Todd Hunter | 27 May 2011, 12:12 PM Agree 0
    This is what will make or break lenders, as Brokers will move to lenders that have nil or minimal claw backs more than ever now as they want to protect their income
  • Rick | 27 May 2011, 12:13 PM Agree 0
    Just because the Brokers might get clawed back its not going to stop the customers from jumping ship... maybe a better strategy would be to look after your customers so well they wouldn't dream of leaving
  • petert71 | 27 May 2011, 12:20 PM Agree 0
    Expecting originators to bear part of the cost of a client moving up to four years is a bit rich! Why aren't we seeing products which recover most of the costs over a shorter period of time, then reducing rates to the customer after that as a loyalty bonus?
  • Brian Hastings | 27 May 2011, 12:51 PM Agree 0
    Brokers dont have control over what a client does for four years. The 10% in the last year is minimal but unnecessary.
  • James Santo | 27 May 2011, 02:04 PM Agree 0
    These are the most brutal clawbacks in the market. Why would you introduct volume to this group?
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