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John Symond and Chris Joye AKA 'Bubble Boy' discuss Australian house prices on Switzer TV (video); Symond says he isn't joining others on the housing bubble bandwagon
Topic Started: 10 Apr 2014, 11:14 AM (3,591 Views)
GloomBoomDoom
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PiratePete1911
17 Apr 2014, 02:55 PM
I feel like i'm in some alternate reality when Chris Joye is being called bubble boy.
It's really quite odd watching him talk now. Both he and Mark Bouris are as slippery as snakes so I wouldn't be surprised if there is an ulterior motive.
MSE
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Extended interview with John Symond and Steve Keen regarding Australian house prices - ABC
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Aussie John changes tune on big banks

September 3, 2014 - 11:45PM
Clancy Yeates

Aussie Home Loans founder John Symond, who helped ignite a wave of mortgage competition against the banks in the 1990s, has rejected claims that competition in home loans is inadequate such is the rivalry among the big four banks eager to lend money for housing.

With big bank dominance under scrutiny from the financial system inquiry, smaller lenders and consumer groups are concerned that the big four banks benefit from an "unlevel" playing field in the $1.3 trillion mortgage market.

But Mr Symond rejected claims that competition in home loans was inadequate

"You don't need any more competition in housing loans. Australian borrowers have got the best deal in the world," Mr Symond said.

Helped by record low interest rates fuelling a housing boom, banks' main priority was clearly lending for housing, he said.

"The only area where they want to compete vigorously is mum and dad housing. Not credit cards, not business lending, not development finance – mum and dad housing," he said.

"Consumers have got lenders tripping over each other to get their business, some of them are even offering $1000 cash and no expenses and all that, loans with all the features and flexibilities that you can't get anywhere in the world. We take things for granted."

Rather than focus on housing, he said more competition was needed in lending to small businesses or property developers.

Mr Symond also brushed aside concerns about banks' growing control of mortgage brokers.

Read more: http://www.smh.com.au/business/banking-and-finance/aussie-john-changes-tune-on-big-banks-20140903-10bw6t.html
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We’ve got the world’s best mortgage market: John Symond

03 Sep 2014
Clancy Yeates

Aussie Home Loans founder John Symond, who helped ignite a 1990s wave of mortgage competition against the banks, rejects claims ­competition in home loans is ­inadequate, such is the rivalry among the big four banks eager to lend money for housing.

With big-bank dominance under scrutiny from the Murray financial ­system inquiry, smaller lenders and consumer groups worry that the big four banks benefit from an “unlevel” playing field in the $1.3 trillion ­mortgage market.

But Mr Symond said consumers did not need more mortgage market competition.

“You don’t need any more ­competition in housing loans. ­Australian ­borrowers have got the best deal in the world,” Mr Symond said.

He said when he started Aussie Home Loans in 1992, banks made 400-500 basis points “a gouging feast” on a typical mortgage, but today it had fallen to 150 to 200 basis points.

Helped by record low interest rates fuelling a housing boom, the banks’ main priority was clearly lending for housing, he added.
‘Mum and dad’ rivalry

“The only area where they want to compete vigorously is mum and dad housing – not credit cards, not business lending, not development finance – mum and dad housing,” he said.

Read more: http://www.afr.com/p/business/companies/we_ve_got_the_world_best_mortgage_zagQsSy8bLMmhB2ps4NYiO
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Switzer TV: Economist and AFR columnist Christopher Joye joins the show to defend his property bubble call.
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ThePauk
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CJ states, 20% overvalued. Noted.
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Ex BP Golly
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I hope Aussie John is hocked to his eyeballs.
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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Terry
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ThePauk
29 Sep 2015, 04:54 PM
CJ states, 20% overvalued. Noted.
And much superficial matey talk that shouldn't bother the suburbanites too much. It's quite easy not to rattle the public on our country. Just talk fast, free and easy and you're fine.
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