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ACCC launches CBA/Aussie review

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Australian Broker | 16 Jan 2013, 09:00 AM Agree 0
The Australian Competition & Consumer Commission is investigating CBA's takeover of Aussie Home Loans, saying it's concerned about whether the aggregator can continue to be a 'unique or a vigorous' competitor
  • Richard | 16 Jan 2013, 09:54 AM Agree 0
    What a waste of time this is. The market is competitive. I don't see CBA charging high rates because of its size. Brokers would simply sell other products if they tried. Brokers will always keep the big boys honest, no matter who owns their businesses.
  • 1martym1 | 16 Jan 2013, 09:54 AM Agree 0
    I doubt they will block it. If they do I for one will view it as a really positive sign for the value of the broker proposition in general.
  • ozboy | 16 Jan 2013, 09:57 AM Agree 0
    So all those people who vented here can now vent to the ACCC. Let us know when you do! ;-)
  • Michael | 16 Jan 2013, 10:34 AM Agree 0
    Between PLAN, FAST and Choice, the Advantage group processes higher volumes per month than Aussie yet doesn't have a lean toward its parent, NAB.

    A professional broker will always determine the right loan for their customer every time.
  • John Black | 16 Jan 2013, 10:36 AM Agree 0
    Over the years John Symond has been labelled many things but the one thing nobody can deny is that he is smart and has an innate ability to justify whatever move he makes. Built a business by bashing traditional bank lenders - then got into bed with the biggest of them when things got tough and now has cemented his fortune by selling out to them. What a story! No wonder it is said fact is stranger than fiction. Also confirms the truth in the words "that sticks and stones may break my bones but names will never hurt me"
  • Diomedes | 16 Jan 2013, 11:15 AM Agree 0
    There is a lot that needs to be considered by the ACCC and I am confident that they will not only look at the short term broker proposition to the client as well as the business relationship between product supplyer and product distributor and how that might affect the market place long term.
    The seperation of players is important in my view for an ongoing healthy and honest market place.
    The question has to be asked why would a bank want to own a retail outlet? The answer is profit of course, BUT how much profit does Aussie make? Is the profit from Aussie going to substantially increase CBA shareholder value?
  • Tom | 16 Jan 2013, 05:47 PM Agree 0
    Aussie is a key group but cant see how they are a ''unique or a vigorous'' competitor in the mortgage market and if CBA DID have the "ability and incentive to foreclose its banking competitors from accessing" then lenders would withdraw, brokers would leave and CBA would have purchased an empty vessel...
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