Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter

Govt lobbied on mortgage transfers

The federal government has been approached by an association of mortgage and finance brokers to intervene to stop banks delaying the mortgage transfer process.

The Finance Brokers Association of Australia (FBAA) has taken part in an invitation-only roundtable event hosted by federal small business minister Bruce Billson in which the lobby group raised the issue of banks “sitting on discharge requests”.

“Banks are notorious for holding onto a customer's mortgage as long as possible and we urge them to stop this unfair practice,” said FBAA chief executive Peter White.

Advertisement
Advertisement

Describing the lack of regulation over the approval and settlement process as the “crux of the problem”, Mr White said consumers are losing out under the status quo.

“If banks know they have a limited time frame, we wouldn’t have lenders sitting on dischargers for as long as they want,” he said.

“Time is money and while banks make more through maximising revenues and fee charges, the customer is the one losing out. This delay impacts consumers and especially small businesses who need to take advantage of commercial opportunities.”

The broker lobbyist suggested delays in the mortgage approval process were causing negative consumer perceptions of lending institutions.

 

Govt lobbied on mortgage transfers
mortgagebusiness

 

Latest News

The federal government has commissioned the ACCC to conduct a new inquiry into the pricing of home loan products in Australia’s mortgage...

The ABS has reported an investor-driven “pop” in home loan activity, which, according to ANZ Research, could be a cause for “concern...

The major bank has pledged $2 billion in funding and services to assist not-for-profit affordable and specialist housing providers, includin...

FROM THE WEB
podcast

LATEST PODCAST: Mortgage pricing and product switching

Do you think the mortgage market will see more consolidation this year?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.