Ryan Miller in Margaret River, Western Australia | Financial service

Ryan Miller

Locality: Margaret River, Western Australia

Address: Suite 8, 43B Town View Tce 6285 Margaret River, WA, Australia

Website: http://www.stjamesfinance.com.au

Likes: 120

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• Financial service
• Loan service
• Mortgage brokers
• Franchise broker

25.01.2022 A fantastic article. Just more reasons to use a local mortgage broker. Call me on 0433252690 for a no obligation consultation https://www.yourmortgage.com.au//how-mortgage-brok/262223/

24.01.2022 Pending Credit Card Assessment changes The ASIC media release below details assessment criteria changes for Credit Cards from 1 January 2019. From this time, Card providers will assess the ability to fully repay the limit within a 3 year term as opposed to deeming it as an ongoing limit. ... This effectively reduces your borrowing limit... On the surface this seems a logical decision by ASIC to further tighten responsible lending for Credit Cards. However, these changes were to extend to the assessment of other lending products, such as mortgages and personal loans. Thus, whenever a loan provider is assessing a mortgage application, or any application for a loan, they must take into account the ability of the borrower to pay the entire credit limit of every card the applicant has, over a period of three years. This applies even if the applicant has a zero balance. Under the changes credit providers will also have to assume an interest rate that is 2% above the highest rate in the market which is currently 22%. Previously the applicant simply had to show they could repay their credit card based on 3% of the limit each month as the minimum repayment. For example, the monthly repayment for assessment purposes of a $10,000 credit card limit would increase from $300 / month under current rules to $392 / month under these changes. Our industry body (FBAA) lodged a Formal Submission to ASIC to highlight the significant impact of this change to the broader availability of credit. ASIC has agreed to defer this extension to July 2019 for review. NAB has already amended their mortgage assessment policy to reflect these changes. All lenders will have to adhere if ASIC proceeds in July. https://asic.gov.au//18-257mr-asic-prescribes-three-year-/

23.01.2022 An extract from this article; "Plenty of people in the government knew the banks and AMP were escaping relatively lightly. The recommendation to whack mortgage brokers, in particular, will be worth hundreds of millions of dollars to the banks if it is implemented."

22.01.2022 https://www.lifehacker.com.au//four-mortgage-broker-myths/

22.01.2022 *** PLEASE SHARE IF YOU DONT WANT YOUR MORTGAGE TO COST MORE *** Further support from Banking Analysts, UBS and Moodys. Moodys says the RC Recommendations will "affect competition" & "consolidate the market position and pricing power of the four major banks". UBS says "The full swing of implementations would devastate an industry, push interest rates up because competition will be reduced in the marketplace, service standards will be eroded and the borrower will lose out big time"

22.01.2022 Key findings from this article; 1. 2017 study from business intelligence company Statista, titled Banking in the Netherlands, which showed that the total number of banks in the Netherlands decreased from 99 banks in 2007 (when the market still operated on an upfront and commission model) to just 44 banks in 2017 (nine years after fees-for-service were first introduced and five years after they were completely banned). The report categorised the Dutch banking sector as one of... the most concentrated in Europe. 2. Moody’s Investment Services report from last year found that one of the biggest Netherlands institutions, ABN Amro, had seen its net interest margins grow steadily since 2010, while Australia’s lenders have seen net interest margins decrease steadily since brokers were introduced into the sector in the mid-1990s (according to the Reserve Bank of Australia). It is very clear the real reason the big four banks in Australia are pushing for the Netherlands model. It will effectively kill off the competition coming from smaller lenders and banks and result in the banks having the lion’s share of the pie again,

20.01.2022 Keeping your Credit Score in check https://www.news.com.au///e23afa8ad1b4f24816cd8da6f481ca01

16.01.2022 Supporting local businesses

14.01.2022 Another Financial Professional and respected Commentator in support.

14.01.2022 A fantastic article. Just more reasons to use a local mortgage broker. Call me on 0433252690 for a no obligation consultation https://www.yourmortgage.com.au//how-mortgage-brok/262223/

13.01.2022 Full Article copied below due to subscription requirements RBA governor Philip Lowe backs Scott Morrison on mortage brokers James Eyers By James Eyers... Updated Feb 6, 2019 4.49pm, first published at 3.14pm Save Share RBA governor Phil Lowe has backed the federal government's decision to hedge on scrapping commission payments to mortgage brokers. Banking royal commissioner Kenneth Hayne found that the thousands of dollars in commissions paid by banks to brokers over the course of home loan were invisible to customers, "money for nothing", and should be abolished. The federal government will abolish trail commissions but said banning upfront commissions would hurt competition and force borrowers to go to the big banks. Key quotes from RBA governor Philip Lowe Dan Himbrechts Dr Lowe said he strongly agreed that mortgage brokers should have an obligation to act in the best interests of customers, another Hayne proposal, because they are "essentially are providers of financial advice" they should be subject to the same regime. "However payment for the brokers work is a more complicated issue," the governor said on Wednesday. Advertisement "In principle, I agree with trailing commission being banned and payments being upfront." "I think the government is right to be cautious about going the full way and making the borrower pay," Dr Low said. "The Productivity Commission has written extensively about this. There are legitimate competition issues." The Productivity Commission's final report into banks, released in August, recommended that trail commissions be banned, and that upfront commissions be paid based on the funds limit drawn down by customers, net of any offsets. Related RBA governor Philip Lowe blames bank executives, not regulators for scandals RBA governor Philip Lowe blames bank executives, not regulators for scandals By Aaron Patrick Here are the other key quotes from RBA governor Philip Lowe's speech on Wednesday. On interest rates "Looking forward, there are scenarios where the next move in the cash rate is up and other scenarios where it is down. Advertisement "Over the past year, the next-move-is-up scenarios were more likely than the next-move-is-down scenarios. "Today, the probabilities appear to be more evenly balanced."

13.01.2022 This says it all....

06.01.2022 Podcast Industry pioneer, Mark Bouris's explanation of the RC recommendations on Broker remuneration and it's effect on the broader lending market is the most concise I have heard yet.

03.01.2022 https://www.theadviser.com.au//39005-former-asic-chair-con

01.01.2022 Is the "perception of conflict" a crime??? Especially when the perceived conflicts are mitigated under current compliance & regulation AND multiple government reviews of our industry since 2015 have found no systemic issues to Broker remuneration. Yes, regulation could be tightened further, eg Best Interests Duty. The current remuneration structure has evolved over many years to strike a balance for all stakeholders, ie Consumers, Brokers and Lenders. Why change something wh...ich is not broken... The Broking Industry needs your support to continue serving you, the consumer. The article below has links to Change.org and Broker Behind You petitions aimed at convincing politicians from all sides to retain existing remuneration structures.

01.01.2022 https://www.theadviser.com.au//38733-flat-fee-would-hand-p