What about RC recommendation re Mortgage Brokers??Having dealt...

What about RC recommendation re Mortgage Brokers??

Having dealt with reputable mortgage brokers whilst selling businesses I found their knowledge and service invaluable. It appears some cowboys in the industry who presented dodgy loan applications will ruin the careers of many others if the RC recommendations are adopted. As I was also a past bank manger many moons ago I found the current crop of branch managers in all banks hopeless when assessing a business loan. They could not read a balance sheet or a PLS. Thank heavens for the skills of the mortgage broker to save the day as they basically trained bank staff.

Mortgage brokers should continue to provide a service to loan applicants and I believe the Australian Bankers Association (ABA) will look very closely at the RC recommendations and propose an alternative model which is more palatable to all involved. Phasing out of mortgage brokers could have a detrimental affect on smaller banks as the big 4 with more branches to process applications. As a NAB shareholder that might sound beaut but many on here hold shares in the regional banks as well. Brokers help to keep costs and interest rates down by promoting competition. I trust commonsense prevails in this instant. Ken Haynes report will be gathering dust in 5 years as the world moves on.

Looking to add to my position in NAB on Tuesday as my orders were a bit ambitious below $23.50. Just missed..........again!