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Poll: How many lenders do you recommend?

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Australian Broker | 26 Oct 2011, 01:00 AM Agree 0
With NCCP now introduced, are brokers shopping from and recommending a wider range of 'not unsuitable' loans? How many lenders do you usually recommend? Have your say!
  • countrybroker | 12 Oct 2011, 11:09 AM Agree 0
    we recommend between 2 and 4 on an ongoing basis , we use up to 10 .Clients become really confused if you recommend beyond 4 , being regionally based brokers manty lenders have restriction s on where they will lend with considerration on postcodes and zoning.
  • Patrick | 14 Oct 2011, 03:33 PM Agree 0
    Can we get real here. For the majority of applicants almost all loans available are "not unsuitable" NCCP like most government protection rackets is just "sand in the gearbox".
  • bradq | 17 Oct 2011, 02:22 PM Agree 0
    I have around 8 lenders that I use more than others. The decision is then based on what is the best deal for the customer. I will ususally then walk through the decision with the customer on the best 2 or 3 options. I dont think NCCP has chnaged what or how I do this process... Its always been to find the best match for the customers needs, so 'not unsuitable' really is irrelevant.....
  • petert71 | 24 Oct 2011, 11:05 AM Agree 0
    Two lenders tend to stand out for the vanilla deals. Another 4 for the ones that don't quite fall in that box. Lenders are chosen based on a number of parameters but it all comes down to the best fit for the client. NCCP hasn't changed anything in my process, but it has increased the amount of paperwork.
  • countrybroker | 25 Oct 2011, 10:45 AM Agree 0
    in Relation to the refund model , it never had a future and never will , brokers cannot live on thin air.
  • oldBroker | 26 Oct 2011, 11:51 AM Agree 0
    The refunds to the client are harming the entire industry. The commissions are between the broker and lender, and have really nothing to do with the client (since the client is not out-of-pocket at all) and thus the client should not be involved in commissions. In addition, the message to the client is that the broker is overpaid, which is very dangerous for the industry. Nope, the whole model is silly and harmful.
  • JB | 26 Oct 2011, 12:14 PM Agree 0
    Absolutely no way, totally flawed model always destined to send the wrong message to both clients and lenders
  • Terence Stevens | 26 Oct 2011, 01:50 PM Agree 0
    totoally not viable. to servive u need to be profitable. you dont see mark Bouris or john Symonds refunding their profit. and the banks definatley wouldn't entertain such an idea. Socialist governments are trying their best to make every financial service to the public cost free but then again the soviet Union did fall in a heap also. profitability is a good thing
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