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MFAA tackles NCCP broker 'no-man's land'

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Australian Broker | 16 Apr 2013, 07:00 AM Agree 0
The MFAA has officially challenged loan variation regulations it says are unclear
  • Country Broker | 16 Apr 2013, 10:48 AM Agree 0
    Good work by the MFAA , we need a uniform approach to this by ASIC .
  • Scott Beattie | 16 Apr 2013, 11:25 AM Agree 0
    I have a client with a RHG low doc loan, was originally written under the 85% low doc product.
    Client can now refinance to an 80% low doc due to property increase, but can't prove income - they don't want any money, just a better rate - seems strange that they would stop paying their loan just because they got a lower rate??

    For my own loan, I went to merge 2 loan splits into 1 and was told that I didn't earn enough - I wasn't going to owe any more money, just merging Loan A & B all into Loan A.

    I applied for a separate $1k credit card, again was told I didn't earn enough (different lender), even if I reduced my $20k card (which owes nothing) down to $5k - the same lender then offered me an increase of the $20k card to $25k due to my excellent repayment history??

    Yes, legislation is deigned to protect, but some common sense needs to prevail.
  • Papery | 16 Apr 2013, 04:33 PM Agree 0
    Most variations are on the face of it pretty straightforward processes....and besides having to keep detailed notes & updating a Fact Find, my Aggregator also insists I go through the process of a Credit Guides & Credit Quotes & Prelim Assessment docs...none of which changes the outcome for the client, but give me a pile more paperwork....and all most of the Lender forms call for is a simple, breif one sentence checkbox.....
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