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Retail giant hints at mortgage expansion plans

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Australian Broker | 09 Apr 2014, 08:33 AM Agree 0
An Australian retail giant with almost 20 million customer transactions a week talks about expanding into the mortgage market
  • John Taylor | 09 Apr 2014, 09:05 AM Agree 0
    Coles seem to forget that it's those tight controls that have allowed themselves and Woolworths to dominate the domestic market. Now, suddenly, they bring up these issues when they want to move into other areas!
  • Stephen Sillett | 09 Apr 2014, 09:45 AM Agree 0
    If I were Coles I would concentrate on improving your Supermarket offering before venturing forward. Woolworths must be clapping their hands
  • Denise Brailey BFCSA (Inc) | 09 Apr 2014, 10:08 AM Agree 0
    Giants such as Coles would be intimidating to our already timid regulators. How is this good for consumers? At the end of the day, Mortgages are about selling DEBT. If people end up with high end unaffordable mortgage products it will throw a black hole in retailing if all we are doing is paying mortgage products and squeezed into poverty and jobs shrink. Just a thought... but an irony there for this giant retailer. Maybe Coles sees that scenario as a future reality? They decide "me too," after pumping up credit card debt.
  • R Ted | 09 Apr 2014, 10:20 AM Agree 0
    Laughable. Do they think they can do to the banks what they have done to the farmers. I think their service will be down, down way down and staying down. its not a self service industry.
  • Papery | 09 Apr 2014, 10:22 AM Agree 0
    I s'pose NCCP & our over regulated model has had one unintended benefit after all....
  • Broker | 09 Apr 2014, 11:13 AM Agree 0
    I wonder if mortgages will be available at self checkout and express service lanes too, you know right next to the chocolate bars...

    Oh the possibilities are endless, I can also see ASIC saying sure Coles, you, just like the scary banks are granted exemption of all the garbage NCCP requirements that the long suffering Brokers have to put up with, and Coles gaining exclusive sponsorship to the MFAA golf days.

    It’s all win , win ,win!



  • John from Geelong | 09 Apr 2014, 11:18 AM Agree 0
    The supermarkets and their related owners are appalling corporate citizens. Is our banking system highly regulated? Yes! Is our banking system expensive? Yes! Are our banks in dire financial straits 7 years after the global financial crisis? No! We don't need these no care, no responsiblity corporate behemoths in our mortgages.
  • TomTom | 09 Apr 2014, 12:00 PM Agree 0
    There is a reason why Woolworths is the number one supermarket chain, they don't have crazy ideas like this. They do what they do well.

    But yes another massive organisation that will see more deals done in the Chairman's lounge ensuring that it (like the banks) does not have to worry about NCC too much, and instead ASIC can tell the world how good it is for consumer by de-licensing a broker here and there.

  • Wayne Hutchinson Real Estate Agent | 09 Apr 2014, 12:12 PM Agree 0
    They already control and manipulate fuel and food price to make it look like they are giving us 4 cents back, what next?
  • Non broker | 09 Apr 2014, 05:19 PM Agree 0
    I take it you are all brokers ... As a multiple mortgage holder I welcome competition.. Someone who can offer me better rates .. If coles can do this then great...
  • exBankie | 10 Apr 2014, 09:31 AM Agree 0
    Worked on a program with Coles 20+ years ago for a Big 4 about them installing finance kiosks in supermarkets. It never happened then due to regulations and cost of funding. I've heard the odd noise aboit this since. I'll believe it when I see it.
  • SEQ BRoker | 10 Apr 2014, 11:29 AM Agree 0
    Already I wont shop at Coles. I find it repugnant, what the Coles/Woolworths team are doing to our farmers, and they have the nerve to buy produce from overseas forcing our (for example) banana farmers to plough entire crops back into the ground because they can not even cover the cost of transport in the sale price - directly because of the Coles/Woolworths alliance for wrecking Australian produce production. If we make it here it should be tarriffed tremendously to bring it here. Soon it appears that even us brokers will be competing with people that live in huts with dirt floors, bye bye consumer protection, bye bye standard of living in australia, hello centrelink, hello bowing to Rajesh and Mahat-ma-coat our financial overlords to whom a dirt floor is a luxury item.
  • TomTom | 17 Apr 2014, 03:36 PM Agree 0
    There is a reason why Woolworths is the number one supermarket chain, they don't have crazy ideas like this. They do what they do well.

    But yes another massive organisation that will see more deals done in the Chairman's lounge ensuring that it (like the banks) does not have to worry about NCC too much, and instead ASIC can tell the world how good it is for consumer by de-licensing a broker here and there.

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