Less Choice For Consumers as Another Lender Closes its Doors….

Less Choice For Consumers as Another Lender Closes its Doors….

I received an email this morning from stating that they are suspending new loan applications immediately….

I have copied the email for accuracy…

suspends new loan applications immediately…
We have commenced a strategic review of our Australian business. This means that from today, we have suspended accepting new loan applications effective at 10.30am.

Please be assured that we will honour our obligations to you and your business in the form of any applications that are in our pipeline prior to 10.30am and for all settled loans with us. Your commission payments will continue as per the accreditation agreement you have with us.


The normal policy relating to expiry of loans in the pipeline does apply.

We apologise for any inconvenience this may cause and we will keep you informed as the strategic review progresses. 

Your Team at

This is interesting and troubling at the same time.  GMAC-RFC have pulled out of the Australian Market and this has meant the loss of jobs for several really good people. 

It means there is less variety in the lending arena

It means that a lot of conforming brokers are going to find it even harder to place clients mortgages than they did before.  This will probably lead to more struggling Aussies believing that they are beyond help and may possibly lose hteir homes because of it.

This is very troubling as that is simply not the case. 

While I have to agree that it is getting harder to find a loan for some clients,  there are still heaps of options.

Mortgage Now became the largest exclusively non-conforming in by helping more clients.  We do it every day and its all we do.  Because of this fact alone (its all we do), we have become VERY good at getting home loan mortgages settled.

If you are looking for a home loan and you have been told no, look around for a specialist broker. (Not a jack of all trades)  you need to have someone who knows what they are doing helping you.

Look around, you will find one if you look hard enough.  Unfortunately, because there is a lot more work involved in getting a bad credit mortgage accross the line, not too many brokers have taken the time to learn what is required to do it and do it well.

On My Mortgage Now web site ( www.mortgagenow.com.au ) you can get an idea of what we have done to help people that thought they were beyond help. Visit http://www.mortgagenow.com.au/testimonials.php . This is the main testimonials page and is constantly being added to.

In conclusion, I am sorry to see the departure of as they had a lot of promise as a lender in this country.  I feel mainly for the families that may be short one income for a while with any one that was let go today.


My Name is Doessel and this has been my comment.

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