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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Non-bank lender Firstmac is offering a two-week settlement guarantee to broker clients, which it says is a response to broker feedback for faster turnaround from lenders with a set time frame to manage customer expectations.
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