Serial innovator Mark Bouris is back launching a new venture, a Macquarie-backed mortgage lender to rival the banks called Yellow Brick Road:
...Although the two companies' share of the $1.1 trillion mortgage market is tiny, Mr Bouris argued YBR, which he chairs, could grab a meaningful share of the flow of new home loans within a year....Mr Bouris said that to force banks to change their mortgage pricing strategies, YBR needed to settle about $350 million worth of new loans a month - roughly 5 per cent of the value of loans sold through bank branches....
...Helped by lower funding costs and an aggressive rollout of its branches, YBR would be able to hit this level within a year, he said....(here).
This blog condones more competition in the Ozzie banking sector so welcomes Mark's foray. Let's hope the market doesn't tank before then!
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