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Clawbacks a 'sad reality' for Homeloans

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Australian Broker | 15 Apr 2011, 07:00 AM Agree 0
Non-bank lender Homeloans has confirmed it will be forced to institute clawbacks as a result of the unilateral ban on exit fees
  • countrybroker | 15 Apr 2011, 11:53 AM Agree 0
    There is no need for claw backs !!!! ever, use the old Bankwest rate tracker example on application fees fees . Charge an application fee and then refund it as a credit to the loan account after say 3, 4, or even 5 years , if the loan is refinanced with another instution or churned by the broker the fee is not refunded ,if the loan is paid out because of a sale or family law proceedings the application fees is refunded on a reverse % basis ie year one 100% retained year 2 80% retained and so on. It is then not necessary to have a claw back unless the broker is churning , which if you are an MFAA member you are not supposed to do. Every one needs to have a cold shower , take a deep breath, calm dowm a little and think!!! The MFAA need to take a stand on this and quickly.
  • Justin Ray | 15 Apr 2011, 12:27 PM Agree 0
    NFC now Homeloans - Leading the way in borrower treachery
  • Matt | 15 Apr 2011, 02:27 PM Agree 0
    @Justin - don't blame the Mortgage Managers - direct your vitriol at Wayne Swan.
  • John C | 16 Apr 2011, 01:39 PM Agree 0
    why would anyone want to stay in an industry where you are dictated too, commissions stolen off you and generally designed to control your life, your career and your income. Brokers are now just becoming paid puppets for the lenders, who can at the stroke of pen destroy your livelihood.
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