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  1. #586
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    Last edited by Joshuatree; 04-02-2019 at 07:05 PM.

  2. #587
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    PURSUIT OF POSSIBLE MISCONDACT:

    Hayne referses cases to APRA and ASIC
    CBA - "Conflicted remuneration"
    AMP - For outsourcing services on insurance
    IIML (IOOF) - Failed best interest of members
    Suncorp -- (didnt see)
    FREEDOM - Unsconsciounable conduct
    YOUi - Breaching duty of good faith
    Allianz - 3x for Misleading deceptive conduct
    NAB - CEO + Chair critices

  3. #588
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    Will probably affect NZ in due course .....like getting credit will be tougher as responsible lending regime really kicks in
    “Imagination is more important than knowledge.”

  4. #589
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    Yes. The responsible lending regime will make it harder for average borrowers. Some people were complaining to the Commission that banks were irresponsible for lending them money. So at least there'll be fewer complaints.

    Lots of things to like in the Hayne report. I never understood what mortgage brokers did and why people didn't just deal directly with the bank. Looks like Hayne's recommendations will likely push all this business back the banks' way.
    Last edited by Bobdn; 04-02-2019 at 07:57 PM.

  5. #590
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    Lots of things to like in the Hayne report
    Well done! I'm barely past the introduction of the 560 page report!


  6. #591
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    Quote Originally Posted by macduffy View Post
    Well done! I'm barely past the introduction of the 560 page report!

    Yeah, I'm strictly a headline sort of guy. I read "Unions Unhappy" and "Brokers unhappy" which made me happy.

  7. #592
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    Easy debt has been used to prop up a big part of the economy. I wonder if there will be another gfc on the horizon

  8. #593
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    Unsettling story of a person, with part time work, borrowing to fund a holiday to Europe. Makes for uncomfortable reading...

    https://www.smh.com.au/business/bank...03-p50vfw.html
    Last edited by Bobdn; 04-02-2019 at 10:44 PM.

  9. #594
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    Quote Originally Posted by winner69 View Post
    Will probably affect NZ in due course .....like getting credit will be tougher as responsible lending regime really kicks in
    Based on my experience it already is. 20 months ago the bank i'm with provided a pre-approval. It lapsed and the bank would then only agree to $170k less. Same main job and higher equity, and the wife working an extra day a week and they won't lend to their original pre-approval value. They are trying to get total lending down based on income concerns when there is a heap of equity (not just 20%).

  10. #595
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    [QUOTE=Scrunch;746153]Based on my experience it already is. 20 months ago the bank i'm with provided a pre-approval. It lapsed and the bank would then only agree to $170k less. Same main job and higher equity, and the wife working an extra day a week and they won't lend to their original pre-approval value. They are trying to get total lending down based on income concerns when there is a heap of equity (not just 20%)

    https://www.consumerprotection.govt....r-finance-act/

    Yeah, I’m finding the same thing, there’s definitely more focus on serviceability rather than equity at the moment

  11. #596
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    Yeah, but the Government is trying to protect us all. The Government is like our mother and father and we're like its children. So even if no one can actually get a loan and the economy screeches to a halt, if it stops just one person taking on debt for say that Honda 125 scooter that they can't repay easily (because life shouldn't be about struggle) then it will be worth it.

    Making people jump through hoops; regulating voluntary transactions and then putting more regulation on that regulation (and maybe some more after that) makes me sleep better at night...

    F-yeah! ANZ up 4%. ANZ is my last chunky overweight investment that got out of hand because of years in the DRP. DRPs get out of control after awhile like triffids. I was feeling "nervous" before the Hayne report came out.

  12. #597
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    Quote Originally Posted by Bobdn View Post
    Lots of things to like in the Hayne report. I never understood what mortgage brokers did and why people didn't just deal directly with the bank. Looks like Hayne's recommendations will likely push all this business back the banks' way.
    I've never really understood brokers - and how a whole industry appeared out of almost nowhere in the past 10-15 years.

    Having said that we used a broker recently and ironically ended up with ANZ, who I bank with. Broker was pretty useless/slow and took numerous emails to get anything done, including fix rates, while having a couple of months paying floating. But apart from the 4% 1yr deal recently, what we got was much better than being advertised. The question being could I have got those myself...…

    Oh and the other question......how much are the trailing commissions...…..??

  13. #598
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    I think you've answered the first point yourself, Bob. Perhaps people use mortgage brokers because they think the broker will get a better deal than they could obtain themselves. Or, just to save the hassle!


  14. #599
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    Quote Originally Posted by Bobdn View Post
    Y if it stops just one person taking on debt for say that Honda 125 scooter that they can't repay easily (because life shouldn't be about struggle) then it will be worth it.
    'cept that Honda 125 allowed them to get a job in some slightly further away place which meant they could repay easily and pay tax on their earnings.
    Its their risk and by that I mean the bankers and the borrowers let them do it if they want to.

    Quite frankly that story I saw recently about the couple suing the bank because they loaned them money which subsequently became too much, just sickens me. They completed the loan application and if they said they only needed so much to live then the bank should be able to rely on that.
    I'm not saying bankers are perfect and in fact they tend to lend you an umbrella on a sunny day and want it back when it rains but it is private commerce!!
    For clarity, nothing I say is advice....

  15. #600
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    Quote Originally Posted by macduffy View Post
    I think you've answered the first point yourself, Bob. Perhaps people use mortgage brokers because they think the broker will get a better deal than they could obtain themselves. Or, just to save the hassle!

    indeed MacDuff! I too have never used one but am doing some consulting work for an Aussie mortgage broker now and they get bloody good deals for their clients
    For clarity, nothing I say is advice....

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