Chris Bates
speaker
1,659 appearances
5 recordings
1 series
first heard Jun 2021
last heard Dec 2022
Chris Bates’s voice in public audio — every appearance, attributed to the second.
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Appearances
The Australians aren't as advanced, which is probably a good thing.
So yeah, you don't need it.
As long as you haven't got any bad credit, you pay your Optus bill on time, you pay back your JB Hi-Fi sofa, et cetera.
So don't do any silly credit mistakes and you'll be fine to get a home loan.
It is concerning that we may be going in this direction and you may be preferential rates for people who are borrowing and it's going to get this real margin where sometimes when things get more competition and more complex, then people start to get marginalised.
And so
I do worry that we are going to go into that direction where people who have potentially had bad credit mistakes, you know, people always make mistakes.
That's what the banks are a bit smarter than sometimes consumers.
And then they're going to have to pay higher rates for a long term and get really, you know, for something that was just a short term mistake.
So there is this sort of open banking comprehensive credit reporting, which she's talking about.
That's really exciting because what it really means is the banks will be able to ask less information and share that data across the banks.
But it is actually, this is what I was saying, maybe going this direction.
It is allowing the banks to say, I know more about you.
Now I can start to charge you different rates.
And I know you're a great customer.
I could give you a better rate.
I know that you're pretty poor.
I'm going to charge you a higher rate.
And so then you start getting this marginalisation.
Those things are happening that potentially could get much better products and create competition.
Showing 1441–1460 of 1,659 · page 73 of 83
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