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More haste, less delay on mortgage transfers: FBAA

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Australian Broker | 12 Jun 2015, 07:00 AM Agree 0
The FBAA is urging banks to stop delaying the mortgage transfer process, which disadvantages consumers
  • barney | 12 Jun 2015, 09:58 AM Agree 0
    This is a very good comment by the FBAA and shows that they are addressing very real issues. Under the UCCC there WAS a timeframe though when the legislation changed or was "updated" it seems this disappeared? What should take no longer than 2 weeks - ever - can now take double that.
    You also do not want your client chasing the lender direct as their retention team then try and stop the refinance even though they may have been over charging for years!
  • Harold Spencer | 12 Jun 2015, 10:17 AM Agree 0
    This has been going on for 30-40 years why the message now? Great to see it and keep up the pressure but still want to know why now?
  • Broker | 12 Jun 2015, 10:53 AM Agree 0
    And we all know that NAB are so very famous for this extremely unethical business strategy.

    I recently sent NAB a discharge authority on June 2 and NAB told me that June 30 will be the first available refinance settlement day!

    At which stage they commence their deliberate delaying tactics and start harassing the self-employed clients to stay with NAB after previously declining them twice for a loan top – up and consolidation despite the clients banking with NAB for 20 plus years with a clean payment history and no serviceability issues whatsoever, not to mention NAB’s totally unnecessary annual reviews of their financials.

    NAB then tell the client that the new lender I have recommended is not going to be a good fit for them , only after I have secured an unconditional approval within a week that reduces their monthly payments by 40% , accesses some equity to do some renovations , and consolidates home loan, credit card and some business overdraft debt to 4.33%, now all of a sudden NAB say they can do the same despite previously offering no solutions whatsoever , yet now they are literally pleading to keep their business!

    As a Broker I have to advise my client to call NAB and mention the banking ombudsman, to literally shame them into action in order to get a timely settlement date.

    I then spend two lots of 30 plus minutes on hold to navigate my way through NAB’s unprofessional and deliberate attempt to undermine my all my efforts as a Finance Broker to arrange a timely settlement next week sometime which I am still attempting to do.

    How many clients do you think I recommended to NAB these days?

    This situation is simply not good enough.

  • Michael Kent | 12 Jun 2015, 04:39 PM Agree 0
    Yeah and I am sure all the banks will listen to Peter White!

    ALL banks do it not just NAB. BOQ's standard response is 21 days. I had a client who had already racked up $4500 in penalty interest and it was vital the loan settled ASAP and they just didn't care. Why would they? The client is leaving them.
  • Agree | 14 Jun 2015, 08:15 PM Agree 0
    More frustrating is the lenders who say they no longer accept paper based discharges, forcing the consumer to phone a department who, simply grill them to stay.

    Actions speak louder then words and any lender who does this is looking to derail the broker.

    Be very active if your client has to "ring" the Bank to arrange a discharge. Suggest the call be a joint call with the broker!
  • SEQ Broker | 15 Jun 2015, 09:18 AM Agree 0
    A mentor of mine advised that it was smart / prudent to clue your clients up to the practice. I get my clients to specifically ask, why did you wait until I am leaving before offering me a discount or solution? Clue your clients up to the fact that they employ retention teams and how the banks like to keep the loan as long as possible to squeeze every cent out of it or obtain a retention...
  • Broker | 15 Jun 2015, 01:10 PM Agree 0
    I agree with you 100% SEQ.

    And due to this , I have never lost a client in 12 years throughout a refinance process, no matter how aggressive the retention areas are.
  • | 12 Dec 2017, 06:31 AM Agree 0
    December 2017 nothing has changed. I'm sure there have been many meetings but no action.
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