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Advantedge denies home brand conflict claims

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Australian Broker | 24 Oct 2012, 07:00 AM Agree 0
Advantedge's Brett Halliwell says aggregator white label products represent much-needed competition, not a conflict of interest that will encourage ASIC scrutiny of broker incentives
  • Country Broker | 24 Oct 2012, 10:47 AM Agree 0
    As a PLAN member and broker , IT IS GOOD TO SEE THIS PRODUCT AVALIABLE , what is not understood is that the product offering does not suit all loan scenarios , where as some big 4 product offeing do , this to me is competition in itself.
    If CBA, Westpac, and ANZ were worried surley they woud withdraw from accrediting PLAN , FAST & Choice. That has not happened , i think the previuos article may have been a little bit of sabre rattling.
  • Coast Broker | 24 Oct 2012, 10:54 AM Agree 0
    Agree with Country Broker. I am also a Plan Member. Lets face it Advantedge is owned by one of the Big 4
  • Phil Sampson | 24 Oct 2012, 11:25 AM Agree 0
    Well said Brett. All the aggregators are rightly promoting non majors due to their strangle hold on the mortgage market. A credible solution is offered to the third party market and we still hear complaints from some aggregators. All clients' are fully aware of the broker's income as it is fully disclosed as required by ASIC. The customer gets a competitive rate, the broker and the customer get good service...... Where's the problem??? Maybe the aggregators complaining should be looking for other funding partners before the grapes get too sour. We are all screaming out for competition ..... here's a part of that solution.
  • Larz | 24 Oct 2012, 03:11 PM Agree 0
    Phil how can you say this is competition when it is simply one of the Big 4 repackaging their product through a 100% owned subsidiary . What it is doing is squeezing out the competition as Advantedge funded mortgage managers are now directly competing with the branded products and with inferior pricing. Look at RAMS, St George,Bankwest,Aussie all defined as non majors or non banks but either owned or controlled by the majors. True competition is getting less and less.
  • SteveE | 24 Oct 2012, 11:25 PM Agree 0
    Advantedge are on a mission to reduce its numbers mortgage managers, maybe trying to get them to instead use their Aggregation "White Label" which may smell of "third Line enforcing". These MM have already seen their plot reduced by NCCP & now have been forced to deal with the public directly.
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