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Ban on exit fees still hurting smaller lenders

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Australian Broker | 20 Sep 2012, 07:00 AM Agree 0
The MFAA’s Phil Naylor believes the real issue behind ASIC’s ban is not compliance, but competition between lenders
  • Qld Broker | 20 Sep 2012, 10:02 AM Agree 0
    Damned if you do and damned if you don't. Whilst the government touted competition as the driving force behind their decision I think it's fair to assume they done it for the public exposure. Bank bashing is all the fad these days. However, I don't agree that banks should hold an axe over someones head if they can't be competitive on service or price. One or the other can make sure a client is happy where they are, and lets face it, banks are still profitable big or small. I can honestly say I haven't seen to many of my clients refinance away from the lenders I have set them up with to date.
  • 1martym1 | 20 Sep 2012, 11:44 AM Agree 0
    But regional lenders increased market share by 12% yoy? If by small you mean mortgage managers dressed up as non banks then I cant agree. They were never a real competitive force anyway.
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