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Let’s kill competition, and help the banks make more profit – said no one, ever
This headline is from a new marketing campaign led by the Mortgage & Finance Association of Australia (the industry body representing mortgage brokers in Australia). It comes after the royal commission made recommendations which will likely harm competition, and give control back to the big banks.
Today Patrick and I spoke to Stuart Wemyss managing director of ProSolution Private Clients to get his thoughts on the matter. We were interested in Stuart’s view because he is a veteran in the mortgage broking industry (he was around 20 years ago when the big banks dominated the market), and also because his business includes wealth advisory services (another industry which has gone through regulatory changes)… this gives him a unique and broader perspective.
The key topics discussed are as follows:
- His reaction to the recommendations, and the potential impact for consumers
- How both political parties have responded, and therefore when we can expect changes
- The impact on the Australian housing and finance markets
- Potential unintended consequences
Enjoy the show!
If you have specific questions for myself or Patrick you can email hi@longproperty.com.au and we’ll respond within 24 hrs.
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