ANZ.NZX - Anyone holding?

[Bobdn]

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.

[Sideshow Bob]

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...…..??

[macduffy]

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!

[peat]

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

[Sideshow Bob]

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!

Yes, I posted and then realized that!