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MFAA Prosper : Mortgage and Finance Brief 08
Phoenix Mortgage Management has unveiled a cooperative scheme that will open third-party distribution to Australia's mutuals. The initiative, with the backing of the credit union association CUSCAL, will now give brokers direct access to credit unions' products in a move that could redefine brokers' service propositions. The program will be initially rolled out via PLAN Australia's aggregation network and involves a number of growth stages that will give access to a wider pool of Australian mutuals. "Australia's mutuals have long formed a pillar in Australian banking and supported millions of borrowers to meet their financial goals," says Allan Willoughby, CEO of Phoenix. "However these products and services have only ever been available via retail channels -- much to the frustration of brokers and their clients. "The reality is that the mutuals have significant surplus funding capacity yet, up until now, this has been untapped. Mutuals offer a safe and stable option for borrowers via their government guarantee; as approved deposit-taking institutions, credit unions are regulated by ASIC and APRA. "With brokers now able to tap into credit union mortgages, it will enable them to better service the needs of customers. It will also give Australian borrowers even greater choice outside of the major banks." Short-term fix Bankwest has launched a new fixed- interest commercial loan, as part of its attempts to build market share. The two FICLs are available at 7.79% for three years, and 8.49% for five years, and after the term expires Bankwest's standard pricing will apply. The new product is available for a limited time only, and Head of Broker Sales Aaron Milburn says, "It is a short term offer but we are confident that these rates will generate immediate interest from brokers for their clients. A key focus for Bankwest is developing a robust relationship with brokers. In order for this to happen, it needs to be based on a collaborative approach. "This approach includes involving them in our product development phase, and these revised rates are a clear example of us responding to the needs of commercial brokers." No-fee launch at Commonwealth Commonwealth Bank has introduced a new no-fee variable interest rate home loan, at 7.24%. The no-fee loan, which the Bank says is the first of its kind on the Australian market, ensures customers will not pay any bank fees on their home loan for the life of the loan. "Our no-fee home loan is the very first of its kind in the Australian market, with no annual fees, no monthly fees, no exit fees -- no bank fees at all," Ross McEwan, Group Executive Retail Banking said. "With our new no-fee home loan, unlike our competitors, we will not apply fees such as late payment fees, loan service fees, settlement fees or loan increase fees." Steady increase at Mortgage Choice Mortgage Choice enjoyed a solid increase in cash profit of 13% to $8.8 million during the six months to 31 December 2010. The national franchisor grew its group loan book to $41.2 billion, up 7% on the $38.5 billion balance at 31 December 2009, while its share of the total home loan market rose to 4.1% Credit Unions to play bigger role 7.24% no-fee variable interest rate 16 | Mortgage & Finance brief Noticeboard Warning: All comparison rates on these pages are true only for the examples given, and may not include all fees and charges.
Mortgage and Finance Brief 07
Mortgage and Finance Brief 09