Non-banks are stepping up efforts to get more access to cheaper funding by taking their push to Treasury, with the aim of better competing against the big banks on mortgage pricing.
During the COVID-19 turmoil the banks have had access to the Reserve Bank’s $200bn term funding facility, which smaller lenders say is tipping the scales too much in favour of the larger incumbents.
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Firstmac owner Kim Cannon has resumed his concerted push for a banking licence, arguing the nation’s biggest non-bank lender has the required “capacity and character” and would be a serious competitive threat to the big four.
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