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- Fixed rates gather appeal: Mortgage Choice
- It's now or never for licence applications: Advantedge
- Brokers rate Commonwealth Bank 1 Bankwest 2, Swan determined on Fifth Pillar
- Mortgage brokers save Aussies from lenders: Mortgage Choice survey
- No need for Fifth Pillar: Citibank
- It's a Macquarie Day - Brown to replace Zulman at Vow, Bank stakes major claim in Bluestone
- Loanworks Technologies in Smartphone Portal release
- Non-bank lenders fight back; AFM cuts rate, AFG launches securitisation business
- Prevent price collusion? Ludicrous: NAB
- Treasurer misses the real issue: Ormond
- Mortgage Choice set to stir up mortgage market competition
- Non-bank sector will perish without capital source: MFAA
- Big Four dominate
- No rule against marauding Big Four on rates
- Auction clearance rates down
- Big Four claims manipulated, AFG’s 3-point competition plan
- Broker's prison sentence appeal dismissed
- Greedy Big Four gorge, Mutuals feel exit fee pinch
- ING DIRECT, AFM up the ante
- Bouris head on block, Greens fed up, Mortgage Choice calm under pressure
By Tim Neary
November 25, 2010
Wayne Ormond, founder at Refund Home Loans has pointed a finger at the Federal Treasurer saying he has missed the real problem in keeping the Big Four in check, at a time when the ruckus around lender exit fees is grabbing all the political attention.
But Ormond claims it is not the exit fees at all that are trapping borrowers, rather its non-transferable mortgage insurance policies that are the chief protagonists, according to a report on Brokernews.
He said that Wayne Swan and the banks have done so either deliberately, or in an attempt to "draw a red herring over the situation" - or even perhaps through lack of understanding.
"The reality is that any borrower with less than 20 per cent equity in, or deposit on, their home loan is required by their lender to take out a mortgage insurance policy. Many borrowers do not understand that such policies only insure the lender against default, not the borrower," he said.
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No rule against marauding Big Four on rates
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