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Associations come out swinging at APRA

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Australian Broker | 28 May 2014, 08:25 AM Agree 0
The chiefs of both broker associations have attacked APRA's recently-released draft residential mortgage lending guidelines, which could unfairly target brokers
  • SIDBROKER | 28 May 2014, 09:03 AM Agree 0
    Broking Industry will be dead if APRA interfere. Where is Tony Abbott when you need him. Get rid of APRA Tony.
  • AC | 28 May 2014, 09:18 AM Agree 0
    I like Mr. White. Here's hoping we get someone to replace Phil Naylor at the MFAA who has such an obviously strong understanding of the workings of the industry and a passion for defending it's participants and their members.
  • Dave Robinson | 28 May 2014, 09:29 AM Agree 0
    SIDBROKER I hope you weren't one of those many brokers calling for a change in government when Labour was in control? Sometimes better the devil you some of us are finding out now.
  • Bettina Westaway | 28 May 2014, 09:47 AM Agree 0
    APRA's comments suggest that brokers are able to place loans with lenders paying the highest commission when in fact we do ourselves and our brokerages the greatest service by only placing the loan with the lender whose credit policy most suits the applicants situation thereby ensuring approval.
  • SA Broker | 28 May 2014, 09:49 AM Agree 0
    Interesting to see the contrasting styles of the Association Heads. Considered and professional as opposed to hot-headed bluster.
    Don't get me wrong, I like our Associations to kick heads when needed, but in the backrooms - it really is not a good look in the media.
  • Alex SA | 28 May 2014, 09:57 AM Agree 0
    Was recently unable to raise equity for an investment property due to a low valuation on applicants existing property. They subsequently approached their bank who approved the loan on the spot & waived any valuation. Time for a review of APRA perhaps.
  • blue moon Accounting and fiance | 28 May 2014, 09:57 AM Agree 0
    This is very typical of Apra .when things are going well they feel inadequate(which they generally are) and want to create issues to justify their existence.Too gutless to enforce their prudential standards on the big end of town so they come up with this stuff to attack the non bank and brokering sector.
  • DaveinPerth | 28 May 2014, 10:10 AM Agree 0
    Well done FBAA. We need someone with some guts to represent us. Not some weak worded politically minded hound
  • Stephen Dinte | 28 May 2014, 10:18 AM Agree 0
    I am fairly confident that most experienced brokers would be able to recite instances of where a loan was declined for one reason or another (including low vals), only to discover that the clients succeeded in getting an approval via a direct approach to the bank.
    I've not heard of a situation where the reverse applied. This is a great example of why we have our Associations, and how they are there to assist.
  • SIDBROKER | 28 May 2014, 10:18 AM Agree 0
    Dave Robinson. What are you talking about. It labor mentality that have us in this situation. I have never voted labor and never will.
  • SC | 28 May 2014, 11:01 AM Agree 0
    I wonder where APRA got this idea from.
    Banks seem to very quite on this issue!!!!
  • Dave Robinson | 28 May 2014, 11:09 AM Agree 0
    SIDBROKER, then let's hope Tony rides up on his white horse and rescues you.
  • SIDBROKER | 28 May 2014, 11:34 AM Agree 0
    Dave Robinson. Are you a public servant. If you are not perhaps its time you were. They need people like you :]
  • The Sage | 28 May 2014, 11:38 AM Agree 0
    Dave Robinson, what parallel planet are you on??

    The NCCP, which APRA is referencing, was introduced by the RUDD LABOR Government !!
    It was a panicked reaction to the GFC, and implemented after to solve a problem that never happened - and never will - in the Australian property market.

    Ill informed political commentary like yours have no place in a forum such as this - unless your trying to show how foolish you are!
  • SIDBROKER | 28 May 2014, 12:08 PM Agree 0
    The Sage,
    Well said :]
  • Sticky Tape | 28 May 2014, 01:44 PM Agree 0
    There are some people in jobs that are actually too stupid to do that job and have to keep coming up with ideas to prove they can do the job.

    Problem is, especially in this case with the person from APRA who came up with all this, is that they Only prove how stupid they really are and that they shouldn't be in or cannot do the job because they are too stupid to do the job.

    Hope that actually makes sense, if not, you get the gist of it.
  • Maria Rigoni | 28 May 2014, 04:42 PM Agree 0
    APRA is mostly funded by the institutions it supervises!
  • Pete Illawarra | 29 May 2014, 09:20 AM Agree 0
    To APRA. after all these years it is sad that a body such as yourselves still thinks that brokers do a poor job or would be a bigger risk to a client, than a client dealing with a lender direct. You Uneducated Fools. To spell it out for you, if a client goes to a lender directly then they are in the hands of one manager at one institution. If that manager has no clue that there are say 7 other lenders that would be better suited to the client, then he has no way of offering that to the client. Lets say the manager knew, do you think he will send the client to these other lenders? ow is the client disadvantaged and by whom? your take on what a mortgage broker does is not even close. I bet you guys all have home loans with the same bank that your grandparents used :)
  • LT broker | 29 May 2014, 09:40 AM Agree 0
    APRA - "A Party of Retarded Assholes"
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