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'Bloody ridiculous' NCCP amendments released

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Australian Broker | 01 May 2012, 07:00 AM Agree 0
A top law firm has slammed newly-released proposed amendments to the NCCP, saying brokers and lenders have yet to come to terms with the original legislation
  • Nicki - Broker 15 yrs | 01 May 2012, 11:23 AM Agree 0
    A very big thanks to Jon Denovan, for having the guts to stand up and say what most of us think also.
  • Bretto | 01 May 2012, 11:54 AM Agree 0
    I think its strange we are members of a so called professional association and large aggregator groups, but the only ones making sense on legislation is this firm. Obviously this loose hashed up legislation to MFAA keeps telling us what a fine job its done for us, is much more serious to brokers. Basically like all garbage consumer legislation the consumer does not benefit, only larger institutions like the Banks.
  • Kumar | 01 May 2012, 12:40 PM Agree 0
    Hell done Jon more law firms like yourself with MFAA must cry out loud and stand up for all of us
  • ChrisC | 01 May 2012, 01:38 PM Agree 0
    Takes an outsider to stand up for us; another reason to dispense with MFAA and FBAA; they really do not have a reason anymore to exist with ASIC taking up the legislation now, except as a conduit for the Banks to keep passing on policies and rules to Brokers (that we can all do without).
  • DangerDavo | 01 May 2012, 02:22 PM Agree 0
    The whole NCCP legislation is a joke. Brokers are the only ones complying and at great difficulty and cost to their bottom line. The banks are not complying. Incidentally, the consumers are not interested in NCCP, they just want a competitive loan that is suitable to their needs which I would say is a service 99% of brokers have provided for years and have delivered well.
  • Dissatisfied - | 01 May 2012, 03:29 PM Agree 0
    Terrific stance taken – about time someone stood up for the brokers as the aggregators & industry bodies who are supposed to do this are leaning safely with ASIC & the majors to date!
    NCCP is brillian in THEORY but in practice a bucketload of admin & overwhelming amount of paperwork PRIOR to the actual loan documents for client - Oh the ones we are meant to be protecting not scaring away!

    HOWEVER – Who says you can’t have hardship if the mortgage is greater than $500K, this change is excellent. There are plenty of families out there that may find themselves in the position after the GFC - flogging their home in this instance rather than seeking relief and job hunting is absurd and would only worsen the local economy!
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