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Today, Mortgage brokers have been rescued from a potentially “horrendous” compliance impost, following intense lobbying from the MFAA and industry representatives on consumer disclosure regulations. Long-awaited Federal Treasury regulations on disclosures – which include credit guides, quotes, and proposal documents – are due to be announced later this week, and are widely expected to contain a revision of the deadline for compliance from 1 January to 1 April next year. According to the MFAA CEO Phil Naylor, the final form of the regulations relating to disclosure will be much more palatable for mortgage brokers and the rest of the lending industry, when compared with the initial draft which shocked the industry by ignoring previous industry guidance.
Such stipulations in the draft regulations included requiring brokers to disclose upfront in dollar terms the amount of trail they could expect to earn over the life of the loan.
To their credit, Treasury has been very responsive to our concerns and we are now confident that the regulations, when finalised, will result in much more broker-friendly compliance requirements while still providing appropriate disclosure and protection to consumers. While Treasury is currently unable to confirm the deadline extension before the release – or the provision of exemptions to the deadline, which would have the same effect – it will be designed to allow the industry time to implement the regulations with only a few weeks left of the year.
Also, A new poll has found nearly a million mortgage holders are likely to switch lenders in spite of exit fees. The Newspoll indicates more than 900,000 borrowers or 17% of respondents said they were likely to change lenders in the next six months. Nearly 40% said they would change if there were no exit fees. The poll was commissioned by consultancy firm Perception Partners. The survey was compiled from November 26 to 28, well after the last cash rate hike by the RBA.
The ongoing banking debate is clearly focusing the minds of borrowers on the options available to them, including the ultimate choice of changing to another lender. With these findings, Australian borrowers are sending a serious shot across the bows of the home loan banking sector. I have been instructing my clients to call the banks direct and simply ask for a bigger discount, or they will leave. Nine out of 10 are getting it, and it is saving the clients exit fees.
Selling finance online or any other product can be great for business. According to the most recent data internet income for Australian businesses increased by 52 percent in the 12 months to 2008-09. The value of these orders represents over $120 billion, up from $81 billion in 2007-08. While only 26 percent of all Australian businesses received orders via the internet, this equated to 190,000 businesses, an increase of approximately 20,000 businesses over 12 months. The small businesses which have successfully jumped on this bandwagon have created e-commerce forays that are more than simple payment gateways. Their sites are trustworthy, secure and good for their businesses.
Aussie Loans can look after and assist with all loans – including Cars Bikes and Boats.