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Credit demand lowest in 40 years: Cummings

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Australian Broker | 07 Jul 2011, 06:30 AM Agree 0
Low credit demand will force lenders to make aggressive rate moves to remain competitive, CBA's Kathy Cummings has said
  • Ozboy | 07 Jul 2011, 11:47 AM Agree 0
    So I wonder if this will lead to the CBA removing it's minimum submissions? Interesting times.
  • Gazman | 07 Jul 2011, 12:15 PM Agree 0
    " lenders will have to make aggressive rate moves to remain competitive" I trust Kathy is referring to reductions in rates to win customers and not increasing rates to win profits for the bank???
  • Whistleblower | 07 Jul 2011, 12:20 PM Agree 0
    Decreasing Mortgage Managers
    Decreasing Mortgage Brokers
    Decreasing Home Building Approvals
    Decreasing LVRs
    Decreasing FHOG applicants
    Decreased Retail Sector Spending
    Growing National Savings
    Killing competition via stealth(i.e.NCCP The Act)
    MFAA FBAA decreasing membership base.

    Seriously, does anyone really need any more of a tip..... this industry is baked!

    I think you should all Google the basic 'industry lifecycle model' ...... and seriously ask yourselves, what stage is this industry currently in... it might help you re-frame and re-adjust your next career choice.

    Google it... now !
  • King Wally | 07 Jul 2011, 12:47 PM Agree 0
    Unfortunately there may be some truth in what "whistleblower" is stating. The majors have played this govt, they are now all looking toward expanding in Asia. It's like "Australia is done, we've got our monopoly back, lets focus on Asia, go global loose a heap of money and come back with our tail between our legs"
  • sidbroker | 07 Jul 2011, 04:50 PM Agree 0
    WOW, Whistleblower you are close to the mark. BUT NCCP ACT OF 2009 which kicked in January 1st 2011 is a BLACK DAY in our great Nations history. We can survive the rest of what you have pointed out BUT i cannot see how we can move forward as a Nation under the CRIPPLING RESTRICTIONS and REGULTIONS of this IRRESPONSIBLE ACT. and CRIPPILING ACT. IT IS SENSELESS AND COMPLETELY DESTRUCTIVE.
  • James Santo | 08 Jul 2011, 11:08 AM Agree 0
    Still the bleeting continues. The days of providing no value by brokers are gone. There is a reason why they are call brokers its because you end up broker after dealing with one. The 1.4's are gone the ridiculous trails are gone now you can work for your money and provide some actual value
  • sidbroker | 08 Jul 2011, 01:39 PM Agree 0
    Hello James, Are you really still making your foolish statements. Didn`t you get the message clear enough last time.
  • Spinner | 11 Jul 2011, 10:53 PM Agree 0

    Focus on the positives:-
    Mortgages rose 4.5% for May
    NCCP has effectively provided a barrier to entry to mortgage broking.
    Banks offer a monoline products
    Banks have some good, lots "OK" staff.
    Consumers like choice
    Competitive strategy suggests fims in oligopoly fight for market share to maintain earnings. Al la discounting to stay.

    2 years ago I was cooked. Lenders tried to find ways to decline a loan. I stayed in the ring, and now they want my good customers again

    Upside is all I see!!!
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