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.
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.”
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