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Bendigo and Adelaide mulls clawbacks

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Australian Broker | 13 Apr 2011, 07:00 AM Agree 0
Bendigo and Adelaide Bank has confirmed it will have to consider instituting clawbacks as the DEF ban comes into place
  • countrybroker | 13 Apr 2011, 11:29 AM Agree 0
    There is a really simple way around all of this which Bankwest had with its old rate tracker product. Charge say an application"processing" fee of $?? and then have in the loan conditions that it is credited to the loan account after 4 or 5 years . If the client refinances before that then it is forefieted. It worked a treat then and should work now. alos if the broker churns the loan anytime in the first 5 years , have claw back , if it is a refinance outside of the broker , do not charge,. It is really that simple.
  • Chris | 13 Apr 2011, 11:48 AM Agree 0
    Trail in yr 1 and no clawback are admirable but Adl Banks 50bps upfront is what does not "yield it the attention from brokers it hoped"
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