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Westpac in consultation over re-accreditation fee

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Australian Broker | 13 May 2009, 12:00 PM Agree 0
Following the introduction of its new mandatory accreditation requirements, Westpac has entered into discussions to set a broker "re-accreditation fee".

  • Joe Blow | 14 May 2009, 12:14 AM Agree 0
    Decisions like this screw consumers Mr about regulating the banks from this angle nuff nuff.
  • Broker | 14 May 2009, 12:48 AM Agree 0
    Accreditation fees...WTF will they think of next , in order to reduce our income, charge us to access broker websites, charge us to send out docs, perhaps a broker processing fee per loan submitted, or maybe charge us for each call we make to you to follow up on your extremely poor service and general incompetence, the list could be has to wonder if and when this erosion of our income will ever end.

    Oh well , we all have a choice and we all need to make the right choices to safegaurd our futures. The big 4 it ain't.

    These bastards are out of control, and it's time that all aggregators, collectively do something innovative to regain some control over the future of this industry.

    Brokers introduce over 40% of all loans , yet we appear to have no bargaining power whatsoever. I am unsure as to what the solution is here, but the status quo is a sad reflection of where we are headed, unless there is some drastic changes forced by our collective volumes. Perhaps boycotts are the only solution...what else would see them pay any attention to our concerns?
  • Broker | 14 May 2009, 12:51 AM Agree 0
    In fact , go right ahead Westpac, I will just kick you off our panel the same day...problem solved.
  • Martin - Integris Broker Group | 14 May 2009, 12:56 PM Agree 0
    Word on the street is that CBA is determined to set an ANNUAL fee for brokers, watch the remainder of them do something similar once Westpac instigates it. It's a shame the brokers lack the same cohesiveness via their actions (ie: I'll just keep using the Big 4) when it comes to actually DOING something, when we get treated like this !
  • Nathan | 14 May 2009, 01:04 PM Agree 0
    This is good news for me - it stops people ambushing good competitor offers when it suits them and blocking the pipe for those brokers who provide support. Isnt this a bit of give and take?
  • broker2 | 14 May 2009, 01:06 PM Agree 0
    Oh well, they are now going to have plenty of time to catch up their back log of applications.
    What an absolute disgrace, MFAA do what we pay you to do and get involved and for once be on OUR side, just incase you are unsure who OUR is we are the BROKERS who PAY you.
  • Rob | 14 May 2009, 01:09 PM Agree 0
    This possible move by Westpac and CBA could arguably be seen as Third Line Forcing which is a breach of the Federal Trade Practices Act. As brokers we are required to make recommendations based on what is in the best interests of the clients...going down the Westpac and CBA line constitutes making a recommendation based on what is best for a broker to retain his or her lender accredition (i.e. appease the the lender)
  • Louis | 14 May 2009, 01:09 PM Agree 0
    First commission cuts, secondly fees for introducing business, thirdly...... and finally they don't want broker business anymore.
  • Broker2 | 14 May 2009, 01:10 PM Agree 0
    Nathan, isn't that what we are supposed to do, when there is a good offer on the table we present it to the client.If they choose to take it we apply, how good would we look if we ignored the so called good competitior offer put the client elsewhere and then got a call from the client asking why it was never offered to them.
  • pope | 14 May 2009, 01:11 PM Agree 0
    Where is the ACCC or the MFAA to protect our interests? Surely something can be done? The arrogance of the banks is outrageous.
  • Simon | 14 May 2009, 01:13 PM Agree 0
    This is just another pathetic money grab, how could they possibly justify this??

    Remember CBA , Westpac and no doubt the rest of the majors WE INTRODUCE BUSINESS TO YOU, THAT GROWS YOUR BUSINESS, and now you want us to pay you for it, how absurd can you so called decision makers get?

    I for one won't be paying any annual fees, I will just work work with the non banks that actually appreciate our custom and pay us accordingly
  • SCUBY | 14 May 2009, 01:13 PM Agree 0
  • Broker2 | 14 May 2009, 01:16 PM Agree 0
    Don't expect anything from MFAA the article mentions Wpac are in discussions but does not say who with............ mmmmm I wonder who?
  • John | 14 May 2009, 01:19 PM Agree 0
    Can someone give me a bucket as I need to throw up, just when you think they have shafted us enough to date, they come up with this rot. It just makes me shake my head in disgust, as these morally bankrupt assholes continue to extort the absolute maximum out of anybody they can, as often as they can.
  • John | 14 May 2009, 01:23 PM Agree 0
    No doubt Westpac are in discussions with CBA , NAB, ANZ etc.
    But sorry I forgot, third line forcing and price fixing is LEGAL in this country if you are a bank.
  • Phil | 14 May 2009, 01:27 PM Agree 0
    I thought we were supposed to offer the best deal for the customer? So if thats not Westpac in 6 months ( which it never is anyway) then we get penalized. So when regulation comes on board and we have to state to the client why we went with a particular lender " Oh so I can keep the accreditation" yeah right !! Get stuffed Westpac as I have said before the sooner you go the better !!
  • SCUBY | 14 May 2009, 01:28 PM Agree 0
  • Westpac | 14 May 2009, 01:33 PM Agree 0
    Why don't a heap of brokers get together and only use one Broker ID for Westpac and share the fee if they go ahead and charge the fee. That way Westpac will only get a portion of the income as brokers could pool together and only pay one lot of fees
  • Michael | 14 May 2009, 01:42 PM Agree 0
    I couldn't believe the headline for a moment. Westpac are going to charge new brokers to have a relationship with them! And then I remembered. It's 2009, and these 4 banking corporations are truly out of control, in part due to the massive favours visited upon them by both the circumstances of our times, and our compliant Federal Government! Meanwhile, OUR so-called industry body, the MFAA, would be the last institution on the planet to lead a complaint against their drinking buddy bankers.
    In some ways I am certain it is fair to obseve that the mortgage industry truly has become a joke. And the joke is on all of us brokers that are going to continue to deal with the 4 pillars, and have the MFAA masquerade as our industry negotiator and spokesperson. Yes. It is a joke.
  • Damien | 14 May 2009, 01:45 PM Agree 0
    MFAA fees, FBAA fees, COSL fees, PI Insurance fees.

    Over the last 7 years these organisations have added ZERO VALUE to our business, just eroded our profits.

    And now you want us to pay , to put up with your shit service, is this some type of late April Fools joke????
  • Broker, QLD | 14 May 2009, 01:46 PM Agree 0
    Email Phil Naylor directly, your aggregator CEO directly and also the ACCC directly. Keep your emails flowing and eventually someone will get the message. Go out on a limb and email your local MP! Along with Westpac's position of forcing a deal despite it possibly not being in the interests of the consumer add other banks broker level minimum volume requirements, on selling of products to achieve higher remuneration, channel conflict, broker service levels vs branch performance, etc. If lenders are going down the path of individual targets why do we need an aggregator for volume hurdles? As a professional body where is MFAA's vocal voice supporting brokers and our role as being required to access all lenders and products without bias? I have let Phil Naylor know my views directly and you should too.
  • hole in the head | 14 May 2009, 01:54 PM Agree 0
    don't worry fellow brokers, the MFAA will fight back for us and put the majors straight. Thats why we pay them the big bickies to look after us all, and the free conferences they have for us, and support us setting regulation requirements then giving us the courses that are free to comply. LONG LIVE THE MFAA ..... (in hell). lets boycott them for a start ...
  • MaxL | 14 May 2009, 01:58 PM Agree 0
    I for one will no longer promote Westpac, CBA or NAB to my clients in fact it is as it was when I started 15 years ago I didn't need the Major banks then and I don't need them now! There are plenty of lenders who appreciate our quality business.
  • Mac | 14 May 2009, 02:01 PM Agree 0
    1. Charge Client a fee and rebate net commission to them. Clients love it. They get money back in their hand, And brokers looks more professionsl.
    2. Support the Non Banks
    3. Join the new brokers assosiation that is run BY brokers for Brokers, its the AIPB. If we ALL join then we'll have some Real pull in the market.
    4. As a single Unified force then WE can standards for the Banks
    5. Get off your Butt and do something, don't just whinge about it.
  • Derek Miles | 14 May 2009, 02:03 PM Agree 0
    How absurd. Not only do they cut our commission levels by 40% but they have the arrogance to think we will pay to give them business. Where is competition? Where is ACCC? and where is Nick Sherry? Surely they are not going to get away with this?
  • Me | 14 May 2009, 02:05 PM Agree 0
    I agree, 15 years ago we had the likes of Town and Country, BOM, Challenge, Advance etc they all got eaten up by the big 4, probably because they were getting too good at what they did. We also had NO MFAA or other bodies, makes you wonder why we are in such a mess!
  • Damien | 14 May 2009, 02:15 PM Agree 0
    Mission & Objectives
    The Mortgage and Finance Association of Australia (MFAA) established in 1980, is a leading provider of service and advocacy for mortgage brokers, finance brokers, mortgage managers, lenders (bank and non-bank), and originators to assist them develop, foster, and promote the mortgage and finance industry.

    Our Mission
    To be recognised as Australia''s pre-eminent association for mortgage and finance professionals

    Our Objectives
    Advocate on behalf of the mortgage and finance professional
    Set and enforce standards which define professionalism for members
    Promote excellence through best practice for the benefit of customers
    Provide relevant, cost effective services and learning and development opportunities for members
    Support the evolution of the mortgage and finance industry
  • Broker SA | 14 May 2009, 02:15 PM Agree 0
    Break down the last 12 months of activity and change that brokers have taken on board and had to adapt to including upfront & trail commission cuts, a new commission structure based on how the application is submitted, conversion ratios, previous history, etc, reduced lender panel selection, constant policy changes, unacceptable service levels and standards. Think of all the other things as well and now we have to pay for this priviledge. Who can or will stand up for brokers as a whole on all of this and say something? In a few months time a new licence fee, and who knows what else.

    I'm getting a sore back from bending over too long.

    Sounds like a good Today Tonight story.
  • JCB | 14 May 2009, 02:16 PM Agree 0
    They claim to be the 1st Bank in Australia; but they are irrefutably the 1st Bank to screw it's broker partners:
    1st to lead the way to cut broker Commission;
    1st to lead the way to 3 weeks b4 apps are looked at;
    and now they are the 1st to lead the way to charge a re-accreditation fee. If you continue to choose Westpac you are dumber than dumber.
  • Damien | 14 May 2009, 02:19 PM Agree 0
    So MFAA , what exactly does this mean, please explain to us all on ANYTHING constructive for ur Borkers that you advocated in the past, present or perhaps the future.

    What exactly is is that I get for my wasted annual fee??
  • Paul | 14 May 2009, 03:05 PM Agree 0
    I couldn't give a toss what this bastard lender does. I wouldn't use them if they were the only lender in the country. If you silly pelicans are using this dog lender then sucked in. If you play with a vicious dog you'll get bitten. Stop using Westpac, they are a vicous dog of a lender. To hell with Westpac.

    Stop whining about the MFAA and all this other crap and stop using Westpac.
  • Westpac | 14 May 2009, 03:38 PM Agree 0
    By the time they've made a decision on an application the 6 months will be up and you won't get paid !!!!!....
  • Whinging broker | 14 May 2009, 03:52 PM Agree 0
    whinge whinge whinge
  • Linda McIntyre | 14 May 2009, 04:15 PM Agree 0
    Who is the AIPB and how do I join?
  • Tim | 14 May 2009, 05:50 PM Agree 0
    Don't agree with lenders charging us a fee to be accreditted with them and belong to the FBAA because they are the lesser of two evils (due to lower fees than MFAA).
    So agree with the majority of comments above but only a few people ask what are the aggregators doing to stop the banks charging this fee. Can you imagine your aggregator going to Westpac and saying "Don't charge my valued business partner brokers a fee Mr Big Bank" !! I think not. TT, Broker SA hit the nail on the head. The deterioration of this industry is just frightening. If Minister Sherry is serious about making the industry more professional and accountable the first group he should look at is aggregators. They seriously are the ones who could put a foot in the lenders door and say hey guys this is not right but I guess we will have to watch this space and see if any of them have the right stuff to do this. I for one will not hold my breath !!!
  • BANK BDM | 14 May 2009, 06:56 PM Agree 0
    It will only effect the part timers.
    Use it or lose it..... Simple as that...............
    Stop whinging and write some business.

  • JSB | 14 May 2009, 06:58 PM Agree 0
    Honestly, Westpac is the worst lender I have ever dealt with. Their products are nothing special, they are s l o w, their processes are clunky....
  • JSB | 14 May 2009, 06:59 PM Agree 0
    Write some business? With Westpac? Ha, ha. 4 weeks to look at a loan application? You must be joking.
    Sorry, but if I was as bad at managing my business as you guys are at managing yours, I would be bankrupt!!
  • BANK BDM | 14 May 2009, 08:32 PM Agree 0
    For all you whinging brokers. consider this..

    What if the big 4 took to approach of all the 2nd,3rd,4th tier lenders and foreign banks and stopped lending via the broker channel.

    Where would you be then??
  • Dave | 14 May 2009, 09:04 PM Agree 0
    If Wespac truly believe they value brokers they should stop deluding themselves that they are doing enough to improve service levels and stop trying to screw us at every turn. They are the most arrogant inconsistent lender in the market. They should apply the criteria that they are imposing upon brokers, to themselves first and foremost!
    This can only occur in an uncompetitive market so I ask - How in the hell did the bank get so much control? Talk about anti-competitive practices. It's time the Feds took a long hard look at the banking industry.
  • Who Cares | 14 May 2009, 09:19 PM Agree 0
    Banks are amongst the most hated organisations in society.
  • Enlightened Broker | 14 May 2009, 09:31 PM Agree 0
    Your comments have higlighted the fact that the Big 4 well and truly know that they are now plan to hold consumers and brokers to ransom.
  • ACCC and MFAA to do more | 14 May 2009, 10:04 PM Agree 0
    The fact that banks take a month to look at broker sourced deals but provide approval to branch-sourced customers is a blow to competition to the home loan market.

    The ACCC, Nick Sherry and MFAA, you guys should really look into this anti-competitive behaviour of the banks. They are killing off the broker channel which at least provides competition amongst the remaining lenders in the market. We don't want to go back to the situation where loan applicants have to practically beg the Bank Manager to approve their home loan.

    I reckon it is about time the MFAA use their buckets of cash they get from us broker annual fees and market our skills in the media. We don't just want to promote how a Broker can help a loan applicant. The message should "See a broker to get UNBIASED advice.......don't WASTE your time visiting 3-4 bank a bank branch you will not be able to compare a loan product independently.....if you visit a NAB branch you won't be able to compare their products against say CBA's........only brokers can give you that INDEPENDENT ADVICE.....".....basically the messgae is BROKERS ARE BETTER BANK BRANCH LOAN OFFICERS!

  • Robert Kaya | 15 May 2009, 12:09 AM Agree 0
    a)Do NOT give any business to Westpac.There are still at least 3 big ones.Plus some well known brands.

    b)Refinance as many deals as you can from Westpac to the others.(Nothing is wrong with that as they encourage the customers of other banks to switch onto them.In turn they offer them a generous bonus of $600.00 CASH plus no application fees!!Perhaps they are trying to make up these losses at the expense of the brokers??Guess how many millions they must have given for this promotion so far???)

    c)Do NOT recommend Westpac to your clients.If they insist on Westpac, tell them DIY-:)) PROBLEM SOLVED!SIMPLE AS THAT!
  • Dave Inner West | 15 May 2009, 12:36 AM Agree 0
    Interesting move by Westpac to introduce a reaccreditation fee, only questions is how much?? I heard CBA are charging $500, huge to say the least.

    On the other hand i must say 1 application every six months is not a difficult task to manage. I dont even use Westpac and I still settle 2 or 3 loans with them every 6 months.

    I think we are just saying goodbye to brokers who dont take our industry seriously.
  • Maclane | 15 May 2009, 01:49 AM Agree 0
    Westpac control 16% of the market that why they are strong enough to try this.

    Brokers control 40% of the market. IF WE UNIT we can take this bank, and show the other we are a force to be reckoned with, IF WE UNIT.

    Dave Inner West - you haven't figured it out yet that this is a bigger deal than one bank or one event. We must unite to be able to stop this sort of action by the Banks. Other wise they will wipe us out.

  • Positive Broker | 15 May 2009, 07:44 AM Agree 0
    Sent an email and left a message for my "supposed" BDM six weeks ago to arrange reaccreditation. You guessed it "no reply". I'm charging a $1 per day and $10 for every time I have to chase it up. Of course the easy solution is (which I have already done) is simply remove them from my panel. Frankly the approach of the majors (particularly CBA & Westpac) is disgraceful and probably in breach of the trade practices act. We don't need them. There are plenty of other good lenders with competetive products out there.
  • Positive Broker | 15 May 2009, 07:47 AM Agree 0
    You know I can't remember the last time a customer said they wanted a particular lender. My customers trust me to give them the best deal I can find. That is usually not CBA or Westpac.
  • OzBoy | 15 May 2009, 08:29 AM Agree 0
    For all you calling on the MFAA, ASIC and ACCC to do something my understanding is that you can't issue a please explain or conduct enqury's until such time as the offending material is released. The story says they are in dicsussions it doesn't say who with. At this stage this would be called a rumour as there is no substance to the story. Stop barking at shadows and get on with the business of helping people get the best loan, it will be more positive than reading things like this.
  • bro | 15 May 2009, 10:00 AM Agree 0
    wouldn't worry about that fee and wouldn't worry about getting re-accredited. Let's not lose sight here of who is doing whom a favour by submitting business. Westpac-shmestpac, let's just use other lenders instead!
  • Dennis | 15 May 2009, 10:15 AM Agree 0
    In one breath Westpac state they fully support the broker channel and in the next breath they tell you to submit one loan every six months (then it'll be 2, then 3 etc) or your out. When are the aggregators going to combine their strength and support the brokers against these majors? The weak MFAA won't do anything. If the top five aggregators collectively told Westpac not to do this to the brokers or NO business at all will come their way , I'm sure you would find they would change their way of thinking, especially for their shareholders.
  • OzBoy | 15 May 2009, 02:53 PM Agree 0
    So this would just be an empty threat, one that has been tried before and failed. Aggregators are clearing houses for information that is all they do. If you think they are on your side as a broker you will be very dissapointed. The lenders forced everyone to join aggregators so the aggregators are only around because of lenders and they are smart enough to know it. Now if only brokers could get their head around that fact then they will stop getting dissapointed when they ask their aggregator to push back against the lender. Think about it if a particular business said to you "Set up this model and we will push everyone to you." and subsequently you made millions of dollars then would you ever push back???
  • Papery | 16 May 2009, 05:33 PM Agree 0
    If the Banks are so worried that Brokers will 'forget' their products & policies, then the Banks had better keep their websites updated. Its MY JOB to make sure I am abreast of policies & proceedures, incl changes. If a Broker consistently submits crap applciations, then the Lender needs to ensure that the Aggregator takes action to ensure the Broker gets retrained or booted out of the fold. Volume hurdles were supposed to be measured at Aggregator level not Broker level (Bankwest acted accordingly).

    Aggregator BDMs are non-existant & useless as an ashtry ona motor bike.

    In regard to 'clogging up the chanel when a Lender offers a special offer' isnt this why the Lenders make these offers from time to time... to attract business which may not have otherwise come their way??

    If teh Aggregators cant nogotiate this absurd proposal off the table, then they better take ourgripes to a higher power, as it smacks of anti-competitevess, third line forcing & will put us all in breach of the new regs.

    We probably need to take another look at our Broking busienss models & fee for service busienss models etc. We just need to be very wary of how clawbacks are treated.
  • James Veigli (CEO) | 18 May 2009, 10:43 AM Agree 0
    If the bank's had ANY clue at all...

    - they'd educate brokers (PROPERLY) on how to use their products.

    - they'd keep brokers up to date on all latest product offerings (PROPERLY), and

    - they'd give us a damn good reason to put clients with them (including good service and commissions).

    Bank's forcing brokers to put deals through them... and charging them for the 'privilege'... just to maintain accreditation is just another example of institutionalised business 'thinking' and mindless big-brother controlling.

    Just when you think the bank's couldn't get any more two-faced towards their customers (and brokers) - something like this pops up.

    The writing is on the wall people - traditional mortgage and finance broker days are numbered.

    If you don't learn how to 'fight back' or re-position yourself right now... you'll soon be history.

    James Veigli

    F 03 8610 1650
    ABN 12 648 515 946
  • brizbroker | 18 May 2009, 02:32 PM Agree 0
    Once again we have a post full of vicious, emotional, anti bank banter...BUT THEY STILL GET 95% OF OUR DEALS!!! All the evidence screams one thing, over and over - most of us will continue to send 95% of our business to the majors no matter what they do to us. They have us under the thumb, fully and completely. We are weak, and absolutely not any kind of a force to be reckoned with. They know it, too. Don't agree? Then explain this..NOTHING has changed since service levels dropped way below acceptable levels late last year. NOTHING has changed since commission cuts were introduced mid last year. NOTHING has changed since the non bank sector came out swinging with a range of fantastic products, late last year. NOTHING at all has changed since the much heralded lender/aggregator forum last month. NOTHING! Actually I'm wrong, something has changed.... We gave them MORE business. That's right...M O R E! Yet here we are listening to the same broken record. Same old complaints, just a different day. We have no right to complain. No one to blame but ourselves. We have all had months to make changes. We have all had months to start supporting the wide range of fantastic alternatives available, but far too few of us do. We talk a lot, but we don't back it up, not ever. Not yet anyway. Is that going to change? Gee I'd like to believe so, but so far all of us have proven one thing- we will bend over and bend over and ask for more. We complain that the MFAA and our aggregators don't stand up for us. Suck it up, its a pathetic argument. They don't write the loans. WE DO! If we want to be taken seriously, put up or shut up. Its well past the time for talk. Either start supporting the non banks or shut up.
  • tba | 18 May 2009, 05:02 PM Agree 0
    whats 1 loan every 6 months??? if you dont have 1 loan every 6 months to send to Westpac, then why even bother being accredited with them?

    thats 2 loans every year!

    im sure you will have a borrower who has an account with Westac and will want 95% LVR, sooner or later.

    i dont see what all the fuss is about.
  • brizbroker | 18 May 2009, 11:25 PM Agree 0
    Whats all the fuss about you ask? Well if you're happy being dictated to, I guess its all about nothing. To me anyway, the fuss isn't about the mandatory 1 deal per six months. 6 months may be a little unreasonable, but 12 months wouldn't be. If I cant find a use for a lenders products at least once a year, one of two things is the problem. Either their product isn't competitive/relevant, or I'm a very foolish business owner because I don't understand the value of diversification across my book. What it really is about to me is a much bigger picture issue- the amount of control the majors now enjoy, their increasing willingness to take advantage of it and our own apathy, pig headedness, laziness and all talk no action whingeing as individuals and collectively, in allowing it to not only happen, but contributing to it happening at an alarming rate. 15 years of non bank competition and market share wiped out in 20 months. Shame shame shame. I just cant believe that knowing all of this, most of us will still only deal with major banks, giving them all kinds of imbalanced market share and power and then dare to complain when the banks screw them over by using that power. When is enough enough? What exactly will it take for the slow road to self extinction to stop? If we all cant find more than 1 in 20 deals for the non banks, we are useless, and we are screwed sooner or later. And we will have done it all to ourselves. We just aren't having a go. All the usual suspects will have a crack at me, but no more piss weak excuses. There are better rates, better service and better commissions available.Your excuses are piss weak. Get a job at a bank. You can do better for your customer and better for your business. You and I have a responsibilitry to ouyr customers and our industry to provide competition. Its our role. Our role isn't to take the easy sale and shove yet another pro pack application into a 4 week queue. If you cant see that, God help us all in the next couple of years...
  • Mr Pink | 25 May 2009, 12:44 PM Agree 0
    This thread shows how we got here in the first place:

    Whinge, whinge, see cheap rate, submit deal, whinge, whinge, see cheap rate, submit deal.

    If a lender treats you poorly...don't use them.

    If you do in spite of being treated like crap...don't complain.
  • Steve | 29 Jun 2009, 10:16 AM Agree 0
    If we only give them the minimum per 6 months that will considerably reduce the loan volumes which is what they want. the majors have been told by several rating agencies that they are in grave danger of losing their AAA rating and being down graded to a AA rating . why, because the banks ar currently lending aroung 150% to 160% of their deposit book, Canadian banks which are mostly AA rated only lend to around 110% and even the US banks are at $120%.
    so you can see that our banks are considered very high risk of potntial calapse. the majors have been told to cut back on their lending by the rating agencies or lose the AAA raing . the net effect of this would mean higher funding costs which the client will ultimatly pay for. with Westpac and CBA getting 85% collectively potentially we have a freddie mac and fanny Mae scenario at our own door steps.
    the banks don't want to lose their AAA rating beacuse this will put them on a level playing field with the tier 2 funders and make the volnerable to competition.
    the government should step in and reduce cost funds to the 2 tiered financial institutions and promote a level playing field, therefore give the 2nd tier lenders funds at the same cost as the 2 pillars(freddie Mac & Fannie Mae) I mean CBA and Westpac. it's not untill true competion is restore that Brokers will stop being the kicking bag for the banks. lets face it brokers "THAT US" are the consumers "CHAMPIONS" and banks don't like competition. loby your federal memeber make as much noise about this as possible. the squeeky door gets the oil. and get a level playing field without third line enforcing or restictive trade practices.
  • Dennis | 29 Jun 2009, 11:01 PM Agree 0
    "cba" Don't just Do Silly things any more!!! Just Close Your Door If That What You Want! or you will be hurted...
    We must bring our clients to lenders who willing to support and need brokers for business!

  • Old Timer | 29 Jun 2009, 11:12 PM Agree 0
    AA is all they got steve but we know what you were trying to say. They have run out of money.

    GE thought they would never lose their AAA but they did.
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