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​Big four 'absolutely' concerned about second-tier: Woolnough

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Australian Broker | 22 Jan 2014, 08:00 AM Agree 0
ING Direct is set to tackle the big four’s market dominance in 2014, and Mark Woolnough says the majors are taking notice.
  • Country Broker | 22 Jan 2014, 09:03 AM Agree 0
    If the regional banks really want to take on the big four they need to look at their post code restrictions ( there is a large and growing market outside the major Metro regions) and also the cost of their LMI premiums compared to the big four , I cannot understand why the difference in premiums .
  • mac | 22 Jan 2014, 09:59 AM Agree 0
    And general credit policy flexibility. Quality borrowers with one little quirk in their deals are not going to ING or the other 2nd tier lenders at present as the credit policies are set in stone. It could be a new employment contract just signed with a new employer after being F/T many years same industry or security property just outside policy etc etc. They need to be able to say we are big and bad enough to take on the majors ON POLICY as well as price and product.
  • Old Joe | 23 Jan 2014, 10:44 AM Agree 0
    LMI premiums are too high for non banks and also smaller players. FHB will not cop 30% higher LMI premiums for a supposedly good rate.. numbers don't add up for the first 2 years try it on your simulators.
  • Average joe | 24 Jan 2014, 07:46 PM Agree 0
    A similar trend is unfolding in financial planning and funds management with innovative online alternatives like Stockspot and Getpocketbook taking on the big fours' market dominance.
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