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Startup bags licence to offer home loans

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Australian Broker | 21 Feb 2018, 01:50 PM Agree 0
The digital bank is rolling out home loan products in the next few months
  • Marcus | 21 Feb 2018, 02:19 PM Agree 0
    Why is it Mortgage Brokers are being slammed from all angles by Regulators et al and Fintecs like these have a free reign, having no fences around them to protect Consumers from unscrupulous practice all in the interest of so called competition. ASIC indeed have a checkered history anyway with lack of regulation on investment houses of past years amongst many others.
  • | 21 Feb 2018, 02:26 PM Agree 0
    Maybe all brokers should become Fintecs, as they apparently don't have to play by the same rules. How can they provide advice under NCCP in 20 minutes. Impossible!!!!
  • Cubeman | 21 Feb 2018, 02:42 PM Agree 0
    I don't read it as loan application in 20 minutes, I read it as 20 minutes from when app is lodged until approval if that makes more sense. Each to their own and hopefully they will also deal with the broker channel!
  • Jeff Mazzini | 22 Feb 2018, 02:46 AM Agree 0
    Okay this is a natural progression of the roll out of the NPP system ,as it allows many low cost startups being Fintech's to align to the NPP system and operate. Your will see a lift in activity once the Banks are required to open up all their big data on their entire client base to each other, as this also includes access for Fintech's that are part of the NPP system.

    There are a whole lot of sweeping changes that will occur and it will place more pressures on the high cost structures of the Australian Banking Systems and their branch networks.


  • Ian | 22 Feb 2018, 09:36 AM Agree 0
    What ever happened to KYC? I guess they have super computers with AI these days that can intuitively know exactly what a clients needs, goals etc are. Also while they are at it they are completing all the necessary AML and NCCP requirements that brokers are lumped with? Seriously, enough's enough. When is the industry going to stand up and push back on fintech's. I'm all for regulation and ASIC's role now, but it has to be a level playing field and with all the noise in the market about broker commissions etc where are the Q's about fintechs and how they can be delivering a satisfactory customer solution and meeting compliance requirements? All the boffin's who think a cheap rate is the best outcome need to wake up. If they want to act in customers best interests they need to protect them from quick, cheap and nasty solutions with seemingly no accountability.
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