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Bouris still backs non-banks

Staff Reporter 4 minute read

Jessica Darnbrough

Mark Bouris has hit back at claims that he has broken ranks with Australia’s non-bank lenders.

Last week, Yellow Brick Road’s chairman voiced his support for the federal government proposed banking reforms, which includes the removal of all exit fees.

His declaration angered non-bank lenders, who have made it abundantly clear that the removal of exit fees would hurt the sector and do little to stimulate competition.

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But, in an exclusive interview on today's Market Focus, Mr Bouris said he had not abandoned the non-bank sector. According to Mr Bouris, the government’s proposed reforms would not negatively impact non-bank lenders as many first thought.

“Non-bank lenders are picking on exit fees. But let’s be clear, the government is only trying to ban the exit associated with a borrower that moves from Standard Variable Rate to another Standard Variable Rate, they are not trying to ban the recovery of costs on a discounted variable rate,” Mr Bouris said.

“The government has not properly explained what exit fees they are trying to ban and (as a result) the non-banks have overreacted.”

Bouris still backs non-banks
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