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“Banks are using the current environment to break the status quo of using brokers to boost market share and to reclaim the pricing power associated with the distribution function, such as their branch networks,” Mr Johnson added.
The JPMorgan/Fujitsu Consulting Australian Mortgage Industry Report released yesterday also found that inefficient mortgage practices are increasing the costs of lending– for both lenders and consumers.
“Australian mortgagees are paying up to 35 per cent more than they should in fees because of longstanding inefficiencies in the industry,” said Martin North, managing consulting director of Fujitsu.
“It takes weeks generally to get a mortgage funded, compared with a few days overseas,” he said.
Published 14-03-08
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