Bradford March 20, 2009

Why have Rudd and Sawn been so negative. They have inherited an economy
that was running so well. Yes things can always be improved, and some things did need more attention Education for one. These two tried to tell us that the economy was in overdrive when most new it wasn’t and now they talk down the economy.
The remedy they offer is “cash splash.”
The best way to tackle the problem slash the payroll tax, give the cash splash to the States in leiu of the Payroll TAx. the other thing to do is get infrasture going, criteria employment of people, improve productivity, and reduce energy use.
It won’ be long before the money will be gone, employment will be up, and of course it will not be their fault, it is the world recession.
With the IR laws the people who are hurt the most will be those who are the least qualified, they will be the poor beggars who are confined to welfare. The IR laws are a middle class why of protecting themselves against the realities of life. Whether we like the IR laws or not, it gave well over 100 thousand people an opportunity to experience work. When was that a crime. O sorry I am middle class and I am not protected

Just about Fe Up March 20, 2009

Bradford, I am so fed up with all this I am just about ready to close my business, let the staff go and get their income from the Dudd government and take my business offshore.

With these IR laws and a dozen other things I could go into including payroll tax, Australia would now be one of the most Socialist countries in the world.

Have’t they learned from other socialist countries that are becoming more democratic. I think I will pick one of them.

Come on Mr Dudd stop walking backwards…. you will trip, fall over and break your…..

Michael White March 23, 2009

The reason that the Australian economy is in such a sound state, when compared to the rest of the world has nothing to do with the present or past govenment nor has it anything to do with IR policy, govt income supplementationor any other specific policy.
It is to do with our strength as a social democratic society that, over time has built in a set of checks and balances, that protects the community at large from the excesses of the “free” market, the excessess of a particular government, or the excesses of employers or the unions.
We tinker with these checks and balances in the hope we get to the perfect balance and this is why we, as sensible people, change the goverment fairly regularlyand peacefully, when we feel the pendulum has swung a bit too far one way or the other.
I have been in small business for many years and know of no soundly run business that has had to close down because of these tinkerings. I know of many who have blamed them, but this usaually a cop out.
By all means go offshore, but as the saying goes, the grass is not greener and i cannot see me running my business out if India or Pakistan or some such country, purely because I don’t like the present govt’s, or the previous government’s approach to IR.
Those businesses that will survive are those that deserve to.

Rocky Warren April 8, 2009

Here’s what I don’t understand…

Prior to the rate cut, the banks “signal” saying they won’t be passing on the rate cut to their customers.

The Reserve Bank cuts rates anyway. The banks stand firm - even under the all-so-scary threats of Mr Swan - and don’t pass on the cut.

Therefore, the only reason that the RBA cut rates, was to put money back into the coffers of the banks. Is this correct?

If they were trying to improve the economy by encouraging spending, they knew this wouldn’t happen if the banks didn’t pass on the rate cut.

So why did they actually cut the rate? I just can’t seem to find a logical reason why the RBA would cut the rate if they knew it wouldn’t be passed on to the public.

How do we explain this to the general public? “So Mr Brown, yes the RBA cut rates so the banks could add just a little more profit to their billion dollar profits of the first half of the year. And no, you won’t be receiving any benefit from the latest rate cut”.

Here’s my question to the RBA… why even cut the interest rate at all?

Bradford April 8, 2009

Mr White, in general you are correct. But do not forget if this boom or growth spurt had happened some 25 years ago we would of had a wages blowout, and we would be just like the UK or US. This did not happen this time, as Governments at the Federal level took some hard decisions some years ago. This time the Top end of town have imaged they are worth for more then they are. And to add to that they have created a system where they get paid even if the company goes broke. This is not a true market system.
The over payment is true of company boards, directors,and all those who at the top demand far more then they are worth. If they were replaced with people on lower levels of pay my bet is the country would be still OK. Yes their are many many companies that are run well and the Executives are not over paid.
A though for the day” Henry Ford was said to give his employees a wage rise, and when asked why did he do that, the answer was” so that they can buy one of my cars”
Would that not apply to day, to many at the top, not only private taking huge amounts from the family purse, and their is not enough for those doing the work.
The top end of Town both Government and Private need to adjust their demands on the income, or we will have an ongoing recession.
I am a capitalist by nature, but I accept that those on the top incomes do not adjust their demands it will lead to very serious outcomes.

occaply June 4, 2009

now I’ll stay tuned..
Regards, movie

Peter King August 3, 2009

Brokers -It Is Time for Change

Due to cost pressures, lenders are squeezing small part time brokers from the Industry and reducing commissions.
Put your self in the Banks position where, due to reduced interest margins and the cost of the broker network they have reduced commissions and are now bringing in quotas. Another major cost for the Banks is their support of MFAA, FBAA and Aggregators all of which request sponsorships.
Brokers need to review our Industry’s organisation structure particularly with the introduction of new National legislation and its supervisory powers and eliminate the cost of duplication in our Industry.
Currently we have too many Industry bodies ,and aggregators all competing for funding from sponsorships and membership fees. This is an ever increasing cost to brokers which if continued will result in Lenders reducing commissions further.
MFAA
It is interesting that the MFAA/Bankwest Home Finance survey reveal 83.9% of respondents increasingly think it is important to discover whether a mortgage broker is a member of an industry body before using them to arrange a loan (up from 72.3% in the previous year).
I suspect that this survey was not targeted correctly and it is often how the question is asked. Our experience and that of many other brokers is that while we may promote our MFAA membership the reason we attract business is a strong referral source and existing client data base.
MFAA & FBAA survives because of its education courses and insistence by aggregators and lenders that brokers must be members. Experienced brokers tend not to need the benefits of MFAA. “Find a MFAA member “has had limited success
Awards nights, golf days, balls, conferences, and seminars tend to be expensive in the use of resources and rely on lenders and aggregators to provide sponsorships. This is a cost to the Industry
I have always believed that advertising in trade magazines and journals are read only by the broker network and is non productive and expensive. Advertising and promotion to the general public on the benefits of using an MFAA member has not worked.
In the future the general public should be asking is the broker licensed under ASIC.
ASIC will be seen as the only body that provides all the necessary comforts for the general public and the reason why national legislation is so important

Lenders Quota System
Quotas should not be targeted at individual brokers who are members of an acceptable aggregator as this is against the spirit and legislation requirements of offering clients choice and best products.
I agree with Mark Lewis, managing director of Bernie Lewis Home Loans, who told Mortgage Business the minimum quotas, may make it difficult for brokers to retain their accreditation with all the major lenders.
“At the end of the day, a broker’s role is all about getting the best outcome and the best product for their client.
“Some of my top loan writers would have fallen foul of the requirements at one stage or another, simply because at certain times the products being issued by some of the major lenders were not competitive and would not suit any client,” Mr. Lewis said.
“The banks are using a sledgehammer to crack a walnut. If it is about driving education and hence removing part time brokers from the industry, then they should target them specifically not the industry at large,” Mr. Lewis said.
The quota system promotes lenders to have poor products and service
The quota system should not apply to members of an Aggregator where that broker writes a minimum volume per year irrespective of the lender. Brokers retain experience and knowledge no matter what lender.
The Future
The Broker Network and related support bodies should be restructured to reduce duplication and costs. There will be a reduction of the number of brokers and Aggregators as consolidation of our industry continues and it important that costs are reduced to acceptable levels.
ASIC
All broker will be licensed under ASIC with minimum education standard and ASIC manage the compliance issues
Brokers will have to join one of two EDR schemes – either the Financial Ombudsman Service or the Credit Ombudsman Service Limited
AGGREGATORS
It is time for the Aggregators to stand up and earn their position in the Industry by;
Ensures all members continue with membership of ASIC and ongoing education through education providers
Negotiates and maintains contractual relationships with Lenders for its members
Conducts seminars, conferences are much more productive if brokers are all from same aggregator
Provides systems, help desk and compliance issues
Be member/broker spokesperson at MFAA, FBAA Lenders and ASIC forums

MFAA & FBAA
These bodies should merge and focus on being an industry lobbyist with its membership comprising of the Aggregators, Lenders and ASIC
They become the forum for change and monitoring of industry issues
Individual broker membership is not compulsory (taken over by ASIC)
Cease all activities that are duplicated by the Aggregators such as awards, conferences. This will reduce costs of resources and sponsorships
Continue to develop and operate education courses funded on user pays

Peter King
Managing Director
Lifestyle Mortgages Lic 1940
08 94024240

Bill Gates October 6, 2009

I have been in the financial services business for 54 years. I started in 1955 and my tools of trade were a hand ledger, a bottle of black ink and red ink, an old fashioned nib pen and a Smith & Wesson 45 with real live bullets.For Aussies that is nothing to right about but in NZ even the police didn’t carry revolvers.We then progressed to sensimatic accounting machines then computors. Tellers added and subtracted in their head and if we tellers did not balance at night even by a penny, we had to stay behind and look for it. Once a week we had to roll 100 pounds worth of pennies into 5 shilling rolls. (That’s 4 rolls to a pound.) Then we would wrap them in newspaper. Occasionally the Accountant would come along and drop one on the floor to see that it had been rolled tightly and correctly. When I was transferred to Wellington Head Office of the old Commercial Bank of Australia, once a week we went across to the ANZ Bank and filled our three wheel trolley with canvas bags full of silver coins. Returning one day we attempted to cross the tram lines but we were on an angle, and the front wheel of the trolley slewed and the trolley tipped over spilling all of the canvas bags onto the road. Panic stations set in as a tram was coming.

On another occasion, I had to go to the Eastbourne Bank agency. On a monday the armed guard and I took two Gladstone bags, one filled with money and the other to bring back the milkman’s takings. This particular day there was a storm. After we closed the Bank at 12.30pm in the afternoon we caught the bus only to find that there had been a landslide and our bus could only take us to that landslide. We then had to trapse over the landslide,slipping and sliding as we went and with two heavy bags now. Then we caught the bus on the other side and got back to the Head Office intact.
On another occasion I was appointed to be the Editor of the local staff news bulletin. I suggested to the General Manager that I arrange for me to be given a full guided tour through the Reserve Bank of New Zealand and then report on my visit. He agreed and the Reserve Bank of NZ agreed providing they held a right of veto over what I wrote. I was fascinated as they showed me the Gold stored in the vaults.Then they showed me how they processed the millions of dollars of bank notes into reusables and those destined to be destroyed. The tour took an hour and occasionally I would make a one or two word notation on a slip of paper.When the tour was over I returned to my office and wrote up a 3 page report for our staff news bulletin. What was the result? The report was so concise and factual that the Reserve Bank of NZ banned the whole article. Oh well , at least I got to see the gold.

I value those memories of the past and can say how fortunate I was to experience the huge change that has taken place in Banking over such a short period of time.

Bill Gates
Tel: 0433121719

Bob72 October 23, 2009

If you’ve never heard Radiohead, you’re missing out. ,

Daddy86 October 23, 2009

Please stop pulling my hair! ,

keith December 7, 2009

Hi Guys,
I hope you all had a great weekend.

My topic is simple. Executive Bonuses.

I would like to express my disappointment with the recent news that the Westpac board have approved bonus payments to executive staff, including a bonus payment of $2.6 million to Ms Kelly.

After Wespac announced that they were increasing their SVR by 0.45% after official rates were increased by 0.25%.

I would like to say to Ms Kelly and the other recipients of these bonuses, that her acceptance of this bonus payment is completely IMMORAL and shows an “ABSOLUTE CONTEMPT” for her fellow human beings.

She either has no involvement in the wider community whatsoever, or, she is the “penultimate” hypocrite.

I strongly believe that whilst our community leaders behave in this manner, then it is impossible to truly “raise” our children to be “honest, ethical people with a strong sense of community welfare”.

I am not sure if Ms Kelly understands what impact her actions have on a struggling family. People who were not “born with” the ability to “learn” or to “think clearly” and therefore tend not to make more “better” decisions.

The extreme arrogance shown by the elite members in our community who have been blessed with gifts and abilities that many of us only dream about, is very disappointing.

I once took my 13 year old son to an emergency ward at a Brisbane city hospital, due to a minor head knock, and the doctor “INSISTED” that I call her “doctor”. Well my dear “DOCTOR”, I do not consider you to be “better” than anybody, including alcholics, drug users and the homeless.

I will however, change that view, when I start to see YOU (the DOCTOR) using your “God given gifts” for the betterment of our community, and not just so that you can “live in a mansion and have 5 luxury cars parked in your garage so that you can feel good about yourself”.

I have been a practicing catholic for most of my 52 years, but I do not see my God as an entity who expects me to get on my hands and knees and worship him/her. I see my God as the power (goodness & honesty & integrety & generosity and respect and consideration) that runs through us all. We (99.9% of us) were born “good people”, and it is time that we all stopped looking in the mirror at what we have and start looking out our front door to what others don’t have.

And the 1 thing that I pray for is that Ms Kelly reads this article and to start to “GIVE BACK” to the community what she has taken from them.

See ya guys,
Have a great day.

Keith

Rocky Warren December 10, 2009

Ah yes, here we all go again, pointing the finger at Westpac for lifting its rates almost double that of the RBA increase.

Well, fellow brokers, we have no one to blame but ourselves. A few years ago Westpac started the commission cuts, and today is close to the lowest paying lender in the market. Yet still, we brokers decide to make Westpac one of the two largest industry players, by continuing to submit loans to it.

If I can buy a take away coffee at one counter for $2.50 and an identical coffee at the counter right beside it for $6.50, which one will I buy?

It’s not rocket science. However, to the brokers who continue to use Westpac, please don’t complain when it starts to flex the industry strength that you’ve given it. Albeit at your own cost.

Wake up to yourselves. If you’re as smart as you think you are, start putting your loans with lenders who appreciate your efforts and are prepared to pay for the time you need to put it in to each and every loan.

Cross the low payers - Westpac and Suncorp - off your lending panels immediately. If you don’t, who will? Certainly not your aggregator… it gets paid on every loan you write, no matter where it goes. So it won’t rock the boat.

At the very least, make a decision to only use these industry rogues when you absolutely have to, to get the deal.

A true level playing field will one day return to our industry… but only when the knuckleheads sending their loans to Westpac realize whose fault it is that its so unbalanced at present.