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Mortgage brokers to have their wings clipped; Poor Rufus, don't they know you're a top bloke?'
Topic Started: 11 Jul 2017, 09:51 PM (2,321 Views)
Chris
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http://www.theage.com.au/business/banking-and-finance/scrap-all-mortgage-broker-commissions-say-consumer-groups-20170711-gx8qki.html

It seems the world has caught up to the rort that is mortgage broking in general, $3,100 initial plus $900pa trailing commission is a farkn joke given the minimal amount of work involved in an application and sign up.

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Rufus
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Chris
11 Jul 2017, 09:51 PM
http://www.theage.com.au/business/banking-and-finance/scrap-all-mortgage-broker-commissions-say-consumer-groups-20170711-gx8qki.html

It seems the world has caught up to the rort that is mortgage broking in general, $3,100 initial plus $900pa trailing commission is a farkn joke given the minimal amount of work involved in an application and sign up.

What is your alternative Chris?
Take risks - if you win you will become wealthy, if you lose you will become wise
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Chris
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Rufus
11 Jul 2017, 09:58 PM
What is your alternative Chris?
I think the proposals are adequate, regulate the system in the best interests of the consumer and not the broker and by extension of that, the bank.

Surely as a reputable man you would love to see a more regulated/predictable and fairer system for consumers using brokers?
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Rufus
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Chris
11 Jul 2017, 10:06 PM
I think the proposals are adequate, regulate the system in the best interests of the consumer and not the broker and by extension of that, the bank.

Surely as a reputable man you would love to see a more regulated/predictable and fairer system for consumers using brokers?
The system is already highly regulated and fair for consumers.

The issue you have raised is financial consideration for work done.
What did you have in mind?
Take risks - if you win you will become wealthy, if you lose you will become wise
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herbie
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A broker got tha youngs 3.85% on tha loan for their upcomin' purchase - Wif full offset facility - So's I can in actuality fund 'em at 2.75%

Don't seems like too bad a deal ta me?

Hmmm - If ya wants a Capitalist service ya's just gotta be prepared ta pays somethin' for it I 'spose? - 'Less ya an effing Commie/Socialist 'n reckons there shouldn't be no Capitalist services 'n all ya services should be Commie/Socialist ones wot's funded by tha effing 'gubmint' maybes?
Edited by herbie, 11 Jul 2017, 11:07 PM.
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
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Trollie
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Chris
11 Jul 2017, 09:51 PM
http://www.theage.com.au/business/banking-and-finance/scrap-all-mortgage-broker-commissions-say-consumer-groups-20170711-gx8qki.html

It seems the world has caught up to the rort that is mortgage broking in general, $3,100 initial plus $900pa trailing commission is a farkn joke given the minimal amount of work involved in an application and sign up.

So instead of the costs involved being outsourced with someone independent searching for the best deal for the client, you want the big 4 to run it in a fat bureaucracy where all the costs are hidden and the consumer has less choice?

That's almost as clever as your method of miscalculating wealth.
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zaph
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Pay is ridiculously high for mortgage brokers. But like any commission only pay system they must spend a lot of time working without getting a 'sale'.

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hidflect
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Rufus
11 Jul 2017, 10:28 PM
The system is already highly regulated and fair for consumers.

The issue you have raised is financial consideration for work done.
What did you have in mind?
Membership to the Roman Catholic ranks of Cardinals is also highly regulated. That seems to be the problem. No sunlight in closed shops. The whole thing can be done online now TFN and electronic records are all integratable.
All the applicant has to do is consent for the org to access all their government bennie, tax, banking, super, spending and employment receipts together and the algo will be able to predict down to the hour when the mortgagee will default or not.
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Chris
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Rufus
11 Jul 2017, 10:28 PM
The system is already highly regulated and fair for consumers.

The issue you have raised is financial consideration for work done.
What did you have in mind?
Are you saying $3,100 for setting up a loan application and $900pa of trailing commission on the loan itself is fair value and good for consumers?
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hidflect
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Chris
12 Jul 2017, 12:05 PM
Are you saying $3,100 for setting up a loan application and $900pa of trailing commission on the loan itself is fair value and good for consumers?
I can trade $500,000 of stocks endlessly for $30. People used to pay a broker $100's and pay commissions.
The robots stole all the working class jobs and now they're climbing the ladder to information service industries.
Mortgage broking is a buggy whip business. Like travel agents.
Solution? All the working class jobs that survived the machine led maelstrom are valuable, in high demand and pay well! Go back to trades.
Edited by hidflect, 12 Jul 2017, 12:20 PM.
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