Recognising the Symond legacy
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Following the news that Aussie CEO James Symond is to step down from his role, the industry has been reflecting on the Symond family s contribution to mortgage broking in Australia.
On Tuesday afternoon (27 April), it was announced that the chief executive officer of the major brokerage, James Symond, would be stepping down from his role following the imminent merger of Aussie and Lendi. There has not yet been confirmation of when his final day at the company will be.
The move will mark the first time in Aussie’s 29-year history that a member of the Symond family has not held a position at the company.
Mortgage Business 26 April 2021
Two lenders have announced extensions on their cashback offers for purchases and refinances on home loan applications.
Major bank ANZ has announced that it has extended its current up to $3,000 switching cashback discretion to 30 July 2021.
ANZ also stated that eligible loans must now be drawn down by 31 October 2021. This has been extended from the previous deadline of 30 June 2021.
It noted that the cashback offer is not a new campaign. Rather, it said that it is extending the application end date and loan drawdown date for the current switching cashback discretion period, and added that the other eligibility criteria continue to apply.
Associations call out majors for turnaround channel conflict
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The FBAA and MFAA have hit out at the major banks regarding the disparity between “time to yes” for broker-lodged loans and those written through the proprietary channel.
The heads of the Finance Brokers Association of Australia (FBAA) and the Mortgage & Finance Association of Australia (MFAA) have voiced strong concerns regarding the delays impacting mortgages submitted by brokers to the major banks.
Earlier this month, the CEOs of the Commonwealth Bank of Australia (CBA), National Australia Bank (NAB), Westpac and ANZ told The House of Representative’s standing committee on economics that turnaround times are currently within one or two days in the proprietary channel but, on average, between 10 and 12 days in the broker channel.
Brokers urged to seize on SME market
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The association has urged brokers to upskill to “properly” service the SME market, which it said is growing frustrated with major lenders.
The Finance Brokers Association of Australia (FBAA) managing director, Peter White, said that the small-to-medium enterprise (SME) market represents a significant opportunity for brokers, but suggested that brokers would need to acquire greater knowledge to service the segment “properly”.
“The big banks have lost touch with small-to-medium business customers,” Mr White argued.
“These clients require flexibility and support, but instead they are being assessed with rigid credit guidelines and offered bank products that don’t meet their needs.”
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