Mcmahon Finance Solutions in Broadmeadow, New South Wales, Australia | Bank

Mcmahon Finance Solutions

Locality: Broadmeadow, New South Wales, Australia

Phone: +61 2 4940 0684

Address: 33 Belford St Suite 1 2292 Broadmeadow, NSW, Australia

Website: http://www.mfs.id.au

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24.01.2022 According to this report from Deloitte Access Economics, 2.8 million customers switched banks for their home loan, credit card or transaction account last year. The numbers speak for themselves when we say competition is robust, with 15 per cent of everyday transaction account holders, 10 per cent of credit card holders and 5 per cent of mortgage holders switching banks in the 12-month period. On the flip side, most customers are satisfied with their bank product, with 79 ...per cent of everyday transaction, 75 per cent of credit card and 67 per cent of mortgage owners saying they are ‘very satisfied’ or ‘satisfied’ with their providers. The message to all Australians is if you aren’t satisfied with your home loan, credit card or other product, it pays to shop around to get the best deal possible.

21.01.2022 Although an advocate of anything that safeguards consumers against unsavoury and dishonest behaviours, one broker has raised some concerns about the current structure of the Australian Financial Complaints Authority (AFCA) model. AFCA replaced two external dispute resolution schemes last year: the Financial Ombudsman Scheme (FOS) and the Credit and Investments Ombudsman (CIO), as well as the statutory Superannuation Complaints Tribunal (SCT). It began receiving complaints fro...Continue reading

21.01.2022 reasurer Josh Frydenberg has said that the government will look at reviewing the impacts of removing trail in three years’ time rather than abolishing it next year as originally announced, following concerns regarding competition. In an announcement on Tuesday (12 March), Treasurer Josh Frydenberg said that following consultation with the mortgage broking industry and smaller lenders, the Coalition government has decided to not prohibit trail commissions on new loans but rather review their operation in three years’ time. The review, to be undertaken by the Council of Financial Regulators and the Australian Competition and Consumer Commission will therefore look at both the impacts of removing trail as well as the feasibility of continuing upfront commission payments.

08.01.2022 Treasurer slams big four Commonwealth Treasurer Josh Frydenberg has criticised the big four for failing to pass on the full 25 bps reduction to their mortgage customers. The banks have a lot of explaining to do, Mr Frydenberg said. ... This is very disappointing by the banks, and customers should vote with their feet. The Treasurer encouraged borrowers to consider switching to alternative lenders with lower mortgage rates. Now, some of the smaller lenders have actually passed on this rate cut in [full], he said. People should shop around, get the best deal, but also make their displeasure known to their banks because the rate cuts should be passed on in full, and that would be a good thing for consumers."

02.01.2022 The chair told the parliamentary joint committee that there was a need for more contemporaneous guidance around responsible lending, particularly given the increasing number of online lenders, the upcoming open banking scheme and increased data, the evolution of business practices, updates to technology, and automatisation of systems. Commissioner Hughes elaborated that the greater use of technology and technological tools to verify borrow information in real time and hav...e it fully verified using technology solutions within 58 minutes was an advancement that was not available when the National Consumer Credit Protection Act (NCCP) was written 10 years ago. Another area that required updating was around expense benchmarks used to verify borrower expenses such as the Household Expenditure Measure (HEM) particularly given the fact that some categories of expenses are not included in HEM, such as certain medical costs, superannuation contributions and mortgage repayments. Commissioner Hughes said: We are not requiring lenders to scrutinise how many cups of coffee you are having, whether you are going to an expensive gym and all those things. That is not what our guidance requires. What our guidance is suggesting (and I emphasize suggesting) is that lenders could have regard to unusual patterns and expenditure, which take a borrower outside normal patterns for that person.