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CBA announces massive Aussie investment increase

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Australian Broker | 19 Dec 2012, 08:00 AM Agree 0
The Commonwealth Bank has announced a major increase in its Aussie Home Loans investment ratio - but Symond to remain as chairman
  • Garry | 19 Dec 2012, 09:56 AM Agree 0
    Still wont make the Aussie brokers any betterat what they do. They will still be regarded as the joke of the industry.
  • Country Broker | 19 Dec 2012, 09:56 AM Agree 0
    How can they now claim to be independant brokers into the future , simple a broker within in the Aussie network who owns that business cannot say they are independant any longer , unlike a broker within the aggregation networks who still say who they want to hold lender accredations with.
  • Ruth | 19 Dec 2012, 10:06 AM Agree 0
    Nothing like a sweeping generalisation, I wonder on what factual information you base this?
  • Marty | 19 Dec 2012, 10:06 AM Agree 0
    At CBA We'll save you!
  • Wilko | 19 Dec 2012, 10:07 AM Agree 0
    Nice united industry comment Garry. John Symond has always outstripped his competition doing what he wants to do and his brokers have backed him all the way.

    Aussie is laughing all the way to the bank and their access to wholesale funding at cost is a deal breaker.

    For an organisation that has had year on year growth for eight years in a row their brokers must be doing a lot of good.

    Read the facts. (not an aussie broker BTW)
  • sidbroker | 19 Dec 2012, 10:15 AM Agree 0
    Ross is the only person i have ever seen that has got the uperhand on the sharks.
  • sidbroker | 19 Dec 2012, 10:16 AM Agree 0
    John is the only person i have ever seen that has got the uperhand on the sharks.
  • . | 19 Dec 2012, 10:28 AM Agree 0
    Be careful of using the word "Independant" going forward. ASIC have now banned the use of the word UNLESS you hand over all of your upfront and trail commssions to your clients. In ASIC's eys no Broker is truly independant.
  • Broker IQ | 19 Dec 2012, 10:50 AM Agree 0
    @Wilko: there are a number of aggregators achieving YOY growth thanks to their business models, strategic planning and improved efficencies. Aussie has always relied on its platform to perform the actual broker role (the broker simply gathers the paper work),. This model allows Aussie to offer a rem structure less competitve and flexible to mortgage brokers. This is an underlying reason why it struggles to attract/retain quality brokers, and its brand will continue to represent the lower end of the market.
  • Broker IQ | 19 Dec 2012, 11:01 AM Agree 0
    @ Garry: please say you're not a broker...
  • Diomedes | 19 Dec 2012, 11:28 AM Agree 0
    Suncorp, ING, AMP, et al, how does this or how might this affect your distribution channel now and in the future? Who makes representations on behalf of the industry to the ACCC?
    Moving forward this is a milestone event for the industry, is there going to be some intelligent discussion about the impacts of how the sale of the biggest aggregator to the biggest Bank might affect competition? And by the way the timming is suspect.
  • Larz | 19 Dec 2012, 11:49 AM Agree 0
    Typicial big business stratagy. If you can't beat them buy them.
    Well done to John I am sure everyone would like to be able to build a business from scratch, help change the industry, assist thousands of borrowers , give a lot brokers a start in their careers and then sell for a few hundred million. You may not like him but you have to take your hat off to him.
  • Jason | 19 Dec 2012, 12:59 PM Agree 0
    Broker IQ it sounds like yours isnt the highest.
    Didn't Aussie have more brokers in this magazines top 100 (once again) than any other? The results sound like the Aussie brand represents some of the very best.
    No doubt this positive comment will only follow with another negative one from you..
  • Gibbo | 19 Dec 2012, 01:14 PM Agree 0
    .............who will save you Aussie, what a shame!
  • Broke broker | 19 Dec 2012, 01:43 PM Agree 0
    Just did a bit of a check, looks like Aussie is not the only aggregator to have sold a considerable chunk of it's opperation to a Lender. However as usual it has done it bigger and better than the rest and once again attracted mor einterest in the brand.
  • Broker IQ | 19 Dec 2012, 02:00 PM Agree 0
    @Jason. Did they? no doubt you can provide some actuals on that.
    A good measure of a successful broker vis a vis, business person, is an ability to generate leads and actually run a profitable business. I think very few Aussie brokers would fit into this category. Take away that dependence and how what they rate, let alone survive. Call that negative, I call it a reality check.
  • Wilko | 19 Dec 2012, 06:02 PM Agree 0
    Broker IQ:

    One of the mythologies is that of the Aussie model and what we think we know and dont know.

    The fact is the lower commission base is compensated for by one of the top 6 recognised financial brands in Australia that gives them leads month in and month out.

    I have a good mate who is an Aussie broker and I must tell him the Audi he drives around in and the income he earns is all due to the platform and nothing to do with him as a broker. He will laugh like most of the successful Aussie brokers do as the client base is so poor?

    Fact is everyone wants to tear the bloke down but his model is successful, he is successful and a lot of his brokers are successful. Aussie has been nothing but a success story and I do not see anyone else queueing up to buy my aggregator or anyone else if our growth is so good. Fact is that business is amazing and fits everything CBA want and need. Lets see if anyone repeats.
  • Tom | 19 Dec 2012, 10:26 PM Agree 0
    Good on you Aussie.
    You have some of the very best brokers under your wing and your results speak for themselves. I would be most proud of your achievements if I were you.
    Forget the naysayers who will always just try and chisel away at your success. As a retired Aussie broker I know just how amazing your culture is and the positive impact you continue to make on our industry.
  • ozboy | 20 Dec 2012, 09:22 AM Agree 0
    Fair chance this won't get published but here goes: If your assumptions of the top 100 brokers are based on the information published in a magazine which in turn is based on unsupported and unconfirmed numbers then your argument is flawed from the start. (Yes I know they ask the aggregator but as if they would know and some might say: in their interest.) There are many brokers who don't enter these self promoting escapades who write more loans and bigger dollars than the top 100. The lines are blurred with these awards just like the MFAA awards none are audited, so if you can write a good spiel, or pay someone to do it for you then your off and running or should that be winning!! (all due respect to Charlie)
  • Jason | 20 Dec 2012, 12:10 PM Agree 0
    Know plenty of smart and successful Aussie brokers.
    Sounds like lot's of uninformed "tall poppy" sniping here just trying to bag what is clearly the business benchmark most of us inspire to reach.
  • P--sed Off | 10 Jan 2013, 11:36 AM Agree 0
    I just had a client declined by CBA due to their borrowing capacity. When they went in branch to release a security to go somewhere else they were told they would now approve their loan, to be done in branch. Thanks for that. Bye bye CBA.
  • SteveL | 10 Jan 2013, 12:41 PM Agree 0
    Hey P--sed off...there is obviously a compliance and possible fraud issue with this one, so push it through your aggregator. Have a crack at least....this sh!t must stop....happens too often through the branches.
  • Papery | 10 Jan 2013, 02:16 PM Agree 0
    Isnt the first time & wont be the last time
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