Australian Broker forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Brokers underestimate NCCP danger

Notify me of new replies via email
Australian Broker | 21 Jul 2011, 05:00 AM Agree 0
Brokers and lenders have underestimated the possibility of legal action by borrowers, an industry consultant has said
  • mortgageandlease | 21 Jul 2011, 01:15 PM Agree 0
    Many of us are more than aware to exactly how much our backsides are out the window with this NCCP legislation. This is partly why many of us are leaving the industry and why we fought to have the legislation repealed and reworked due to the fact that how many other professions have these sort of impositions placed upon us in the normal course of trying to run a business. (Apart from Financial Planning who get it just as bad).

    Really, there is no protection for brokers at the end of the day.
  • sidbroker | 21 Jul 2011, 02:31 PM Agree 0
    To mortgageandlease. I completely agree with you. My position is that i am treading water at the moment with just a faint hope that some sanity will return and if it doesn`t then after 14 years of Broking i will also exit. Currently i only write loans for my loyal existing customers. To write loans for people that we don`t know is not only dangerous but bordering on fool hardy. We can loose virtually the shirt of our back under this legislation. We are people as well and currently as we are business people (so called) we have the carry the huge weight of this impossible legislation. There is NO WAY that this legislation is fare to anyone even the Australian people. Are we ruled by complete morons. I say yes we are!!!!
  • Ian Jervis | 21 Jul 2011, 05:32 PM Agree 0
    If we had a brokers "union" then maybe the labor government would take our concerns seriously. However I doubt it. The government has made another monumental stuff up in a recurring theme of major stuff ups. Sidbroker, I agree we are ruled by morons, bring on a by election.
Post a reply