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March 08: Proposed new laws may cripple broker distribution for non-banks

by Staff Reporter4 minute read

The move towards uniform national regulation has strong support from the mortgage industry, but there are fears that the proposed National Finance Broking Bill 2007 could decimate third-party distribution in Australia if passed in its present form.

Of chief concern is Clause 33 of the proposed Bill – prepared for the Ministerial Council on Consumer Affairs by the NSW-chaired Finance Broking Working Group – which places an obligation on brokers to determine a borrower’s capacity to repay a mortgage, a process currently performed by the lender.

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