Australian Broker forum is the place for positive industry interaction and welcomes your professional and informed opinion.

AFG warns against 'laughable' One Big Switch

Notify me of new replies via email
Australian Broker | 30 Sep 2011, 07:15 AM Agree 0
Mortgage industry aggregator Australian Finance Group (AFG) has come out in support of the broker proposition, issuing a warning to consumers over the "laughable" loan offer being provided by One Big Switch
  • Adam | 30 Sep 2011, 02:36 PM Agree 0
    I wonder if these lenders that are advertising their cheap interest rates are also advertising the fact that their lenders mortgage insurance premium is often thousands of dollars more than the majors - that's what brokers do - compare everything and NOT just the rate. We provide a holistic service that compares things that a lender or places like One Big Switch ignore. I can show examples where a low rate from one of those lenders with One Big Switch has about $16K LMI fee and a major would be about $9K. C'mon One Big Switch, I know you are watching - why don't you compare everything????
  • SteveMc | 30 Sep 2011, 03:31 PM Agree 0
    Exactly! And to give the majors credit where due, they didn't salivate and roll over at the thought of getting their tummy tickled with a big stick. Unlike some non-banks who better be careful who they lay down with and what they get up with. Mortgage insurers will be aware that none of these clients have been provided with advice of ASIC standards by their broker.
  • MiIky Mike | 27 Feb 2012, 02:28 PM Agree 0
    Brokers aren't necessarily a problem. Comparison rates usally give a good idea of all costs though. LMI fees dont seem to matter if you dont have LMI? The Banks frankly don't deserve loyalty and the more people changing from them the better.
Post a reply