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Labor's Dud Banking Royal Commission

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Dr E View Drop Down
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    Posted: 05 Feb 2019 at 1:26pm
Well the findings and the recommendations are in, and the winner is ... THE BIG BANKS!Embarrassed

Nobody strung up from a tree, pretty much a "nothingburger", the problem was with the regulators, and it was all a monumental waste of time and money to rehash what was already known!

... except the banks have been handed an opportunity to MAKE MORE MONEY AT THE EXPENSE OF CLIENTS ... I love that they made the decision to give banks more money based on the evidence provided by ... CBA!!! LOLLOLLOL ... That's what you get when you have idiot bureaucrats making policy though!Wink

Chris Bowen didn't know what to say after Josh said, Ok, we will implement all of the recommendations, other than " Ummmm, Errrrr, but it was our Royal Commission (even though Labor rejected it when THEY were in power!) ... BANKS ARE BAD ... LIBERALS LOVE BANKS ... we will do what they are doing!"Ouch

Banking royal commission: Brokers are the fall guys for the big banks' misdeeds


The biggest winners from the royal commission are demonstrably the big banks, while the largest losers are Australia's mortgage brokers. Indeed, the top end of town have done an amazing job (as we predicted) convincing everyone that brokers should be made the "fall guys" for their own deeds, surreptitiously fattening their profits, despite no evidence of pervasive misconduct.

The single biggest cost a lender incurs when selling a home loan is the 0.6 per cent upfront commission and 0.2 per cent annual trailing commission that they pay to a mortgage broker. If the royal commission has its way and/or Labor comes to power, these commissions will disappear completely, destroying the existing business models of the 20,000 mortgage brokers(and their employees) that rely on this revenue.

This is horrific news for aggregator businesses that have built up large networks of brokers licensed by them in exchange for a share of the revenue they generate. The only hope the latter have is to quickly shift into lending and securitising themselves: the ban on broker commissions will radically reduce bank and non-bank mortgage distribution costs, which is, ironically, going to be a huge profitability fillip for funders.

According to CBA evidence cited by the commission, a bank typically has to pay a mortgage broker $6600 in fees to sell a loan via this channel, which accounts for almost 60 per cent of all residential mortgages written in Australia. Under the commission's proposal, these costs will disappear and be shunted on to consumers, whom CBA says should be prepared to pay about $2310 for the service.

The commission further recommends that brokers are subject to an onerous duty to always act in the best interests of customers – shifting their commercial responsibility away from the lender towards the borrower.

The inequity here for brokers is that they are being barred from earning an income for selling very basic stuff, assuming they represent the lender, not the borrower. It begs the question as to why real estate agents can earn much larger commissions of over 2 per cent selling homes worth more than these loans. And it constitutes another example of politicians shifting goal posts on legitimate businesses established under the old rules.

https://www.afr.com/opinion/banking-royal-commission-brokers-are-the-fall-guys-for-the-big-banks-misdeeds-20190205-h1av64?fbclid=IwAR2NpWzfR3Cf4Sf8qgT3hnr5487gFZXAQVYBuSGNWkCAQjRR7FbmnmUZIaQ

In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Passing Through Quote  Post ReplyReply Direct Link To This Post Posted: 05 Feb 2019 at 1:30pm
Dont worry Doc, PM Bill has this Thumbs Up
Windmill cancer survivor.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Second Chance Quote  Post ReplyReply Direct Link To This Post Posted: 05 Feb 2019 at 1:45pm
This is all you need to know about the author:

Christopher Joye is an Australian fixed-income fund manager with Coolabah Capital Investments and Smarter Money Investments. He was appointed to the board of the Liberal Party think-tank, the Menzies Research Centre (2003–2007), by Prime Minister Malcolm Turnbull (who also hired Joye into investment banking at Gldman Sachs after Joye authored an influential report for the 2003 Prime Minister's Home Ownership Task Force. 

He's little more than a Liberal Party ass-licker and spokesperson for the mortgage broking industry.


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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 05 Feb 2019 at 1:48pm
You mean like Same Sex Marriage that they voted against when they were in power?

Had to be fixed by the Liberals.

Joshy has already fixed it in a weekend!

Waste of time and money really, and the things that were exposed happened on Bill's watch when he voted against a Royal Commission anyway ... ooops!Embarrassed

Yep, Bill is getting so much done as Opposition Leader (maybe the greatest of all time!), why fix it, when nothing is broken!Big smile
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 05 Feb 2019 at 1:52pm
Originally posted by Second Chance Second Chance wrote:

This is all you need to know about the author:

Christopher Joye is an Australian fixed-income fund manager with Coolabah Capital Investments and Smarter Money Investments. He was appointed to the board of the Liberal Party think-tank, the Menzies Research Centre (2003–2007), by Prime Minister Malcolm Turnbull (who also hired Joye into investment banking at Gldman Sachs after Joye authored an influential report for the 2003 Prime Minister's Home Ownership Task Force. 

He's little more than a Liberal Party ass-licker and spokesperson for the mortgage broking industry.



Why so biased against the AFR? 

What has he said that is factually wrong SC?Confused

The RC has recommended that a major input cost of the banks be removed. The banks will make Billions from this. Where do you think that money will go? How gullible are you?
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Second Chance Quote  Post ReplyReply Direct Link To This Post Posted: 05 Feb 2019 at 2:13pm

From The Age reporting Hayne's findings:

Mortgage lending

The royal commission recommended financial institutions and advisors should have the best interests of their clients in mind when they recommend a loan to buy a house.

Right now, if you want to buy a property and go to a mortgage broker to help you find the best interest rate, there are no rules to say that the broker has to act in your best interests.

The broker could advocate a loan with a higher rate simply because they receive a larger pile of cash in the form of a trailing commission from the lender.

It might become cheaper in the long run to get a new home loan with an up-front fee

Commissioner Hayne wants to ban trailing commissions and, eventually, ban all commissions to brokers. He wants the government to introduce a user-pays system, where the loan applicant pays an up-front fee to the broker to secure the loan.

What it means
It might become cheaper in the long run to get a new home loan with an up-front fee but many first-home borrowers are often already "maxed out" in the amount they want to borrow and may not be able to afford to pay more on top of other purchase costs, such as stamp duty.

And the question remains: Do we care what a mortgage broker actually gets paid, as long as we are not paying it? As long as the broker acts in our best interests.


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Post Options Post Options   Thanks (0) Thanks(0)   Quote rusty nails Quote  Post ReplyReply Direct Link To This Post Posted: 05 Feb 2019 at 2:21pm
Originally posted by Dr E Dr E wrote:

Originally posted by Second Chance Second Chance wrote:

This is all you need to know about the author:

<span style="font-family: sans-serif; font-size: 14px;">Christopher Joye</span><span style="font-family: sans-serif; font-size: 14px;"> is an Australian fixed-income fund manager with Coolabah Capital Investments and Smarter Money Investments. </span><span style="font-family: sans-serif; font-size: 14px;">He was appointed to the board of the Liberal Party think-tank, the Menzies Research Centre (2003–2007), by Prime Minister Malcolm Turnbull</span><span style="font-family: sans-serif; font-size: 14px;"> (who also hired Joye into investment banking at Gldman Sachs</span><span style="font-family: sans-serif; font-size: 14px;"> after Joye authored an influential report for the 2003 Prime Minister's Home Ownership Task Force.</span><span style="font-family: sans-serif; font-size: 14px;"> </span><sup id="cite_ref-6" ="reference"="" style="line-height: 1; unicode-bidi: isolate; white-space: nowrap; font-size: 11.2px; font-family: sans-serif;">
<span style="font-family: sans-serif; font-size: 14px;">
</span>
<span style="font-family: sans-serif;">He's little more than a Liberal Party ass-licker and spokesperson for the mortgage broking industry.</span>
<span style="font-family: sans-serif; font-size: 14px;">
</span>
<span style="font-family: sans-serif; font-size: 14px;">
</span>

Why so biased against the AFR? 

What has he said that is factually wrong SC?Confused

The RC has recommended that a major input cost of the banks be removed. The banks will make Billions from this. Where do you think that money will go? How gullible are you?

You think mortgage brokers should be allowed to merrily clip the ticket for the life of the loan, or to charge an introducer fee that’s barely disclosed properly?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 05 Feb 2019 at 2:45pm
Originally posted by rusty nails rusty nails wrote:

Originally posted by Dr E Dr E wrote:

Originally posted by Second Chance Second Chance wrote:

This is all you need to know about the author:

<span style="font-family: sans-serif; font-size: 14px;">Christopher Joye</span><span style="font-family: sans-serif; font-size: 14px;"> is an Australian fixed-income fund manager with Coolabah Capital Investments and Smarter Money Investments. </span><span style="font-family: sans-serif; font-size: 14px;">He was appointed to the board of the Liberal Party think-tank, the Menzies Research Centre (2003–2007), by Prime Minister Malcolm Turnbull</span><span style="font-family: sans-serif; font-size: 14px;"> (who also hired Joye into investment banking at Gldman Sachs</span><span style="font-family: sans-serif; font-size: 14px;"> after Joye authored an influential report for the 2003 Prime Minister's Home Ownership Task Force.</span><span style="font-family: sans-serif; font-size: 14px;"> </span><sup id="cite_ref-6" ="reference"="" style="line-height: 1; unicode-bidi: isolate; white-space: nowrap; font-size: 11.2px; font-family: sans-serif;">
<span style="font-family: sans-serif; font-size: 14px;">
</span>
<span style="font-family: sans-serif;">He's little more than a Liberal Party ass-licker and spokesperson for the mortgage broking industry.</span>
<span style="font-family: sans-serif; font-size: 14px;">
</span>
<span style="font-family: sans-serif; font-size: 14px;">
</span>

Why so biased against the AFR? 

What has he said that is factually wrong SC?Confused

The RC has recommended that a major input cost of the banks be removed. The banks will make Billions from this. Where do you think that money will go? How gullible are you?

You think mortgage brokers should be allowed to merrily clip the ticket for the life of the loan, or to charge an introducer fee that’s barely disclosed properly?

You read the article, what did you think? The bank pays for the service - Mortgage Brokers have been around for a while now, and the banks have apparently never quibbled about the value they receive, and borrowers are not charged anything.

Is it better that banks pay no fees, and the fee be worn by the borrower?

Do you think that Home Loan borrowing was better for consumers when there were no Mortgage Brokers, and therefore no competition for the Big 4 Banks?

Seems like another "not broken, don't fix it" scenario to me.
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 05 Feb 2019 at 2:49pm
Heard the Industry guy talk about commissions - the trail is paid INSTEAD OF a higher initial commission, and if it were not, BANKS WOULD PASS IT ON IN RATES UP FRONT!

So it is a way of smoothing an input cost for the Banks.

If I'm not paying for it as a borrower, I don't really care!
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote rusty nails Quote  Post ReplyReply Direct Link To This Post Posted: 05 Feb 2019 at 2:58pm
Originally posted by Dr E Dr E wrote:

Originally posted by rusty nails rusty nails wrote:

Originally posted by Dr E Dr E wrote:

Originally posted by Second Chance Second Chance wrote:

This is all you need to know about the author:

<span style="font-family: sans-serif; font-size: 14px;">Christopher Joye</span><span style="font-family: sans-serif; font-size: 14px;"> is an Australian fixed-income fund manager with Coolabah Capital Investments and Smarter Money Investments. </span><span style="font-family: sans-serif; font-size: 14px;">He was appointed to the board of the Liberal Party think-tank, the Menzies Research Centre (2003–2007), by Prime Minister Malcolm Turnbull</span><span style="font-family: sans-serif; font-size: 14px;"> (who also hired Joye into investment banking at Gldman Sachs</span><span style="font-family: sans-serif; font-size: 14px;"> after Joye authored an influential report for the 2003 Prime Minister's Home Ownership Task Force.</span><span style="font-family: sans-serif; font-size: 14px;"> </span><sup id="cite_ref-6" ="reference"="" style="line-height: 1; unicode-bidi: isolate; white-space: nowrap; font-size: 11.2px; font-family: sans-serif;">
<span style="font-family: sans-serif; font-size: 14px;">
</span>
<span style="font-family: sans-serif;">He's little more than a Liberal Party ass-licker and spokesperson for the mortgage broking industry.</span>
<span style="font-family: sans-serif; font-size: 14px;">
</span>
<span style="font-family: sans-serif; font-size: 14px;">
</span>

Why so biased against the AFR? 

What has he said that is factually wrong SC?Confused

The RC has recommended that a major input cost of the banks be removed. The banks will make Billions from this. Where do you think that money will go? How gullible are you?

You think mortgage brokers should be allowed to merrily clip the ticket for the life of the loan, or to charge an introducer fee that’s barely disclosed properly?

You read the article, what did you think? The bank pays for the service - Mortgage Brokers have been around for a while now, and the banks have apparently never quibbled about the value they receive, and borrowers are not charged anything.

Is it better that banks pay no fees, and the fee be worn by the borrower?

Do you think that Home Loan borrowing was better for consumers when there were no Mortgage Brokers, and therefore no competition for the Big 4 Banks?

Seems like another "not broken, don't fix it" scenario to me.

Hahahaha,
Someone’s talking through their kick.

The Banks do not pay for it at all, they capitalise it.
So either, you’re in the game,and you are blatantly lying about it.

Or as usual, you’re in full retard mode blasting away about an issue of which you have no idea
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 05 Feb 2019 at 3:45pm
Originally posted by rusty nails rusty nails wrote:

Originally posted by Dr E Dr E wrote:

Originally posted by rusty nails rusty nails wrote:

Originally posted by Dr E Dr E wrote:

Originally posted by Second Chance Second Chance wrote:

This is all you need to know about the author:

<span style="font-family: sans-serif; font-size: 14px;">Christopher Joye</span><span style="font-family: sans-serif; font-size: 14px;"> is an Australian fixed-income fund manager with Coolabah Capital Investments and Smarter Money Investments. </span><span style="font-family: sans-serif; font-size: 14px;">He was appointed to the board of the Liberal Party think-tank, the Menzies Research Centre (2003–2007), by Prime Minister Malcolm Turnbull</span><span style="font-family: sans-serif; font-size: 14px;"> (who also hired Joye into investment banking at Gldman Sachs</span><span style="font-family: sans-serif; font-size: 14px;"> after Joye authored an influential report for the 2003 Prime Minister's Home Ownership Task Force.</span><span style="font-family: sans-serif; font-size: 14px;"> </span><sup id="cite_ref-6" ="reference"="" style="line-height: 1; unicode-bidi: isolate; white-space: nowrap; font-size: 11.2px; font-family: sans-serif;">
<span style="font-family: sans-serif; font-size: 14px;">
</span>
<span style="font-family: sans-serif;">He's little more than a Liberal Party ass-licker and spokesperson for the mortgage broking industry.</span>
<span style="font-family: sans-serif; font-size: 14px;">
</span>
<span style="font-family: sans-serif; font-size: 14px;">
</span>

Why so biased against the AFR? 

What has he said that is factually wrong SC?Confused

The RC has recommended that a major input cost of the banks be removed. The banks will make Billions from this. Where do you think that money will go? How gullible are you?

You think mortgage brokers should be allowed to merrily clip the ticket for the life of the loan, or to charge an introducer fee that’s barely disclosed properly?

You read the article, what did you think? The bank pays for the service - Mortgage Brokers have been around for a while now, and the banks have apparently never quibbled about the value they receive, and borrowers are not charged anything.

Is it better that banks pay no fees, and the fee be worn by the borrower?

Do you think that Home Loan borrowing was better for consumers when there were no Mortgage Brokers, and therefore no competition for the Big 4 Banks?

Seems like another "not broken, don't fix it" scenario to me.

Hahahaha,
Someone’s talking through their kick.

The Banks do not pay for it at all, they capitalise it.
So either, you’re in the game,and you are blatantly lying about it.

Or as usual, you’re in full retard mode blasting away about an issue of which you have no idea

I'm a Business Person and a property investor who uses a Mortgage Broker when I borrow - something foreign to youI guess ... you need to qualify with income and assets to borrow money.

I had to sign a document that discloses fees and how they are charged and paid - I read it and asked questions.

I also read the articles that I posted at the beginning of this thread - YOU SHOULD TOO, because YOU are the one making it up as usual!Embarrassed 
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote rusty nails Quote  Post ReplyReply Direct Link To This Post Posted: 05 Feb 2019 at 3:54pm
Haha well played.

I’ll admit I threw a bit of bait out there.

Completely as an aside,what are your thoughts on Mortgage Choice tanking today?
Hope you don’t have too many shares.....
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 05 Feb 2019 at 4:40pm
Originally posted by rusty nails rusty nails wrote:

Haha well played.

I’ll admit I threw a bit of bait out there.

Completely as an aside,what are your thoughts on Mortgage Choice tanking today?
Hope you don’t have too many shares.....

I would have expected it, once people realised they are being punished for what the banks have done!Ouch ... along with any listed Mortgage Broking business ... Australian Finance Group down 30% too ...

Shares in Australian mortgage broking companies are getting destroyed


Shares in the major banks on the Australian share market are surging today, in a “relief rally” following the release of the final report of the financial services royal commission.

But mortgage broking companies are getting annihilated. The business model for mortgage brokers that involves taking commissions from banks on loans looks set to be torn apart, with the inquiry recommending the abolition of trailing commissions and, over three years, the removal of all commissions by lenders to brokers.

Instead, Commissioner Kenneth Hayne recommended that people using a mortgage broker pay a fee to the broker, with the intent being to align the interests of the broker to their customer.

Mortgage brokers are furious and say this will likely push up the cost of loans to borrowers — that is, effectively increase interest rates.

As the charts below from Yahoo Finance show, shares in Australian Finance Group crashed 30% at the open…

https://www.businessinsider.com.au/shares-in-australian-mortgage-broking-companies-are-getting-destroyed-2019-2


No, I'm ok, I only have some shares in super - Blue Chip stocks, like CBA, ANZ, Westpac, etc ... oh and Litecoin Wink 

On a serious note, does anyone see this as fair, or beneficial to consumers?Confused
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Second Chance Quote  Post ReplyReply Direct Link To This Post Posted: 05 Feb 2019 at 4:47pm
The salient fact is that borrowers couldn't give a f*ck if mortgage broking firms take a dive.

Benefit to consumers?  Well if the Hayne's findings are adequately legislated brokers will no longer be able to pay both sides of the fence to their own particular advantage.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote rusty nails Quote  Post ReplyReply Direct Link To This Post Posted: 05 Feb 2019 at 4:49pm
Hmm, I’m not sure this will be unfair to consumers.

It’s more than a little ironic, that the Banks have been shown to have acted deplorably, and it seems that one of the most significant recommendations will be of considerable benefit to them.

It’s not a great outcome for the brokers, who in the main are reasonably competent & honest with their customers.

If the Banks want it done, it’ll happen.
More than likely,they’ll use it to gain concessions on reduced fees from the originators, which is obviously not you pre dream outcome.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 05 Feb 2019 at 4:57pm
Originally posted by Second Chance Second Chance wrote:

The salient fact is that borrowers couldn't give a f*ck if mortgage broking firms take a dive.

Benefit to consumers?  Well if the Hayne's findings are adequately legislated brokers will no longer be able to pay both sides of the fence to their own particular advantage.

... and you base this on what? ... your infinite, yet unsubstantiated wisdom ...again?LOL

In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 05 Feb 2019 at 5:02pm
Originally posted by rusty nails rusty nails wrote:

Hmm, I’m not sure this will be unfair to consumers.

It’s more than a little ironic, that the Banks have been shown to have acted deplorably, and it seems that one of the most significant recommendations will be of considerable benefit to them.

It’s not a great outcome for the brokers, who in the main are reasonably competent & honest with their customers.

If the Banks want it done, it’ll happen.
More than likely,they’ll use it to gain concessions on reduced fees from the originators, which is obviously not you pre dream outcome.

My concern is the same - the banks were supposed to be punished, but it appears more like collusion - they have been hit with a wet lettuce, and then given a financial boost as compensation ... and the consumer will be demonstrably worse off ... just bizarre.Confused

I am loving the fact that Labor gets nothing from it!LOLLOLLOL
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Second Chance Quote  Post ReplyReply Direct Link To This Post Posted: 05 Feb 2019 at 5:05pm
I would've hoped you'd rather expressed the reality that ordinary Australians will get plenty out of it. 

Silly me.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote rusty nails Quote  Post ReplyReply Direct Link To This Post Posted: 05 Feb 2019 at 5:06pm
What’s poor old Doc going to do, if his mate Bill jumps on the brokers side in this :)

He’d be in for no end of therapy......
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 05 Feb 2019 at 5:07pm
Originally posted by Second Chance Second Chance wrote:

I would've hoped you'd rather expressed the reality that ordinary Australians will get plenty out of it. 

Silly me.


How?
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Second Chance Quote  Post ReplyReply Direct Link To This Post Posted: 05 Feb 2019 at 5:10pm
So you didn't actually read what Commissioner Haynes recommended to protect, support and foster the financial well-being of ordinary Australians?

No surprise there.Clown
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 05 Feb 2019 at 5:11pm
Originally posted by rusty nails rusty nails wrote:

What’s poor old Doc going to do, if his mate Bill jumps on the brokers side in this :)

He’d be in for no end of therapy......

I would love that!

They would have ONE legitimate economic policy point that would benefit the average consumer, not punish them!Clap

But, you know what he said "... we support the RC findings 100%, even though we don't have a clue what they are, and we won't change!"

This guy ... Embarrassed


In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 05 Feb 2019 at 5:18pm
Originally posted by Second Chance Second Chance wrote:

So you didn't actually read what Commissioner Haynes recommended to protect, support and foster the financial well-being of ordinary Australians?

No surprise there.Clown

You are excusedDead ... you are a "Useful Idiot" ... even rusty is prepared to read into the single contentious point of the 76 ... nobody is arguing with the "Big Picture" "Motherhood Statement" by the bureaucrat in charge ... you're just a lazy sucker for the 3 word slogans SC, and you do nothing but confirm it with every post.Embarrassed
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote rusty nails Quote  Post ReplyReply Direct Link To This Post Posted: 05 Feb 2019 at 5:25pm
Cmon Doc,
We get why you’re upset.
But mortgage brokers are an inefficient means of transacting housing loans.

You tell us you run a successful business, so by definition you’re earning more than the schmuks that process the loans you originate.

If we eliminate brokers from the face of the earth, and all home loans are transacted online, in conjunction with local area loan centres.
Then origination costs would plummet.
Lower costs,lower rates.
Good for consumers.
But yeah, less service.
No biggie
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 05 Feb 2019 at 6:07pm
Originally posted by rusty nails rusty nails wrote:

Cmon Doc,
We get why you’re upset.
But mortgage brokers are an inefficient means of transacting housing loans.

You tell us you run a successful business, so by definition you’re earning more than the schmuks that process the loans you originate.

If we eliminate brokers from the face of the earth, and all home loans are transacted online, in conjunction with local area loan centres.
Then origination costs would plummet.
Lower costs,lower rates.
Good for consumers.
But yeah, less service.
No biggie

So now you trust the banks!Clap 

So they are going to pass on this input cost savings to customers? ... because they will be professional and efficient, and they always do that ... Hahahahaha!LOLLOLLOL

You know it doesn't fit the Labor/Greens 3 word slogan ... BANKS ARE BAD ... LIBERALS FIXED BANKS ... OOPS!Embarrassed 

... oh, and no ... but close!Wink
In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Whale Quote  Post ReplyReply Direct Link To This Post Posted: 05 Feb 2019 at 6:17pm
To paraphrase Kenneth Hayne

For the first time brokers will be forced to consider the interests of the borrowers.


Says it all, they are parasites and snakes


How good is he, loved the way he showed his contempt for the meaningless meeting with Joshy LOL
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Tlazolteotl Quote  Post ReplyReply Direct Link To This Post Posted: 06 Feb 2019 at 6:38am
Woe is me. I can't run my conflicted advice, hidden fees business the way I've been running it. Boo hoo hooCry- do you feel my pain? I know Dr E is torn up about it. Thanks, mate.
"Even the things that I believe in the most, I doubt.”
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Tlazolteotl Quote  Post ReplyReply Direct Link To This Post Posted: 06 Feb 2019 at 6:54am
I've heard it all before, when the FOFA reforms came in.Wink Take away our hidden commisions and the sky will fall in.





"What's so bad about commissions?

Simple – the prospect of a juicy commission unduly influences financial advice. Recent proof comes courtesy of an Australian Securities and Investments Commission investigation in late 2014, which found that about a third of the life insurance advice on offer falls somewhere between poor and terrible, mainly because commissions steer advisers toward life insurance products that are often woefully unsuitable for the client."

https://www.choice.com.au/money/financial-planning-and-investing/financial-planning/articles/fofa-financial-adviser-reform



"Even the things that I believe in the most, I doubt.”
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 06 Feb 2019 at 3:30pm
LABOR's Banking Royal Commission has been a financial windfall for the Big 4 Banks!!!Pig

The recommendations have seen their share values increase $22 Billion!Censored

That'll teach 'em for upsetting Bill Shorten!!!LOL

... but, but, but ... BANKS ARE BAD!Embarrassed

Big four banks’ shares climb despite Hayne royal commission report

ANZ, Commonwealth Bank, Westpac and NAB shares rise as investors seem relieved measures were not harsher

https://www.theguardian.com/australia-news/2019/feb/05/big-four-banks-shares-climb-despite-hayne-royal-commission-report

In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Tlazolteotl Quote  Post ReplyReply Direct Link To This Post Posted: 06 Feb 2019 at 3:34pm
Originally posted by Dr E Dr E wrote:

LABOR's Banking Royal Commission has been a financial windfall for the Big 4 Banks!!!Pig

The recommendations have seen their share values increase $22 Billion!Censored

That'll teach 'em for upsetting Bill Shorten!!!LOL

... but, but, but ... BANKS ARE BAD!Embarrassed

Big four banks’ shares climb despite Hayne royal commission report

ANZ, Commonwealth Bank, Westpac and NAB shares rise as investors seem relieved measures were not harsher

https://www.theguardian.com/australia-news/2019/feb/05/big-four-banks-shares-climb-despite-hayne-royal-commission-report



What is your point? Do you think Labor's reason for wanting a banking royal commission was to get bank shares to fall in price?Wacko
"Even the things that I believe in the most, I doubt.”
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