Thursday, September 29, 2011

Broking Body warns against 'laughable' One Big Switch

Here is a good article from Broker News.
Choice and One Big Switch have offered great deals based on Collective Bargaining.
Equitimax does not think this will be any better than what we can currently do and Australian Finance Group (AFG) general manager of sales and operations Mark Hewitt agrees.

AFG warns against 'laughable' One Big Switch
By Ben Abbott | 30/09/2011 8:00:00 AM           

Mortgage industry aggregator Australian Finance Group (AFG) has come out in support of the broker proposition, by issuing a warning to consumers over the loan offer being provided by One Big Switch.

Following widespread criticism from the broking industry over the group buying exercise masterminded by consumer group Choice, AFG's general manager of sales and operations Mark Hewitt said the problem is One Big Switch had failed to attract major lenders to its panel.
"The proposition would be laughable if they weren’t putting people’s property on the line," Hewitt said.

Hewitt also questioned 'sweeping pronouncements' being made by representatives of the organisation - as reported in the Australian Financial Review - about financial advice in Australia being 'crap', when they are not prepared to provide financial advice themselves.
"The disclaimers on the emails that they’re sending out makes it clear that their so-called ‘members’ are on their own when it comes to deciding whether or not a mortgage deal is right for them," Hewitt said.

"Providing the best deals in the market is what aggregators and brokers do every day"

Hewitt said in the media announcement. "In the past twelve months AFG has refinanced $9.3bn of mortgages – and we are only one of several major broker groups," he said.

Earlier this week, non-banks Resimac, Firstmac, Mortgage Ezy and Mortgage Port were revealed to be the first lenders cooperating with One Big Switch on its consumer buying campaign.

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