❓ Mr. McGowan questions the Keystart loan approval process, specifically regarding the role and potential preferential treatment of finance brokers. The Treasurer provides data on loan approvals and denies a formal list of preferred brokers, but acknowledges performance history impacts assessment.
AnsweredQoN 1406Legislative Assembly
Asked
13 August 2009
Member
Portfolio
Treasurer; Minister for Commerce; Science and Innovation; Housing and Works
QuestionView source ↗
(1) Since 23 September 2008:
(a) how many Keystart loans have been approved;
(b) how many approved Keystart loans were the result of applications directly to Keystart; and
(c) how many were the result of applications submitted through a finance broker?
(2) For each loan in (1), will the Treasurer list:
(a) the loan amount;
(b) the name of the finance broker submitting the application; and
(c) the time taken for Keystart to give conditional approval for the loan?
(3) Is there a difference between the times taken to give conditional approval; that is, the ‘turnaround times’ for applications from certain finance brokers?
(4) Is there a list of preferred finance brokers who can obtain conditional approval for applicants to Keystart within a shorter than average time?
(5) If yes to (4), what are the names of the finance brokers on that list?
(6) If yes to (4), is it true that the ‘turnaround time’ is faster for preferred finance brokers than it is for an applicant with non-preferred brokers or even for applicants who apply directly to Keystart?
(7) If yes to (6), has the Government obtained legal advice regarding the practice of giving preferred finance brokers a faster turnaround time and whether ‘third line forcing’ constitutes a restrictive trade practice according to the
Trade Practices Act 1974
and the
Uniform Consumer Credit Code
?
(8) If yes to (7), from where was that legal advice obtained and will the Minister table the advice in this House?
(a) how many Keystart loans have been approved;
(b) how many approved Keystart loans were the result of applications directly to Keystart; and
(c) how many were the result of applications submitted through a finance broker?
(2) For each loan in (1), will the Treasurer list:
(a) the loan amount;
(b) the name of the finance broker submitting the application; and
(c) the time taken for Keystart to give conditional approval for the loan?
(3) Is there a difference between the times taken to give conditional approval; that is, the ‘turnaround times’ for applications from certain finance brokers?
(4) Is there a list of preferred finance brokers who can obtain conditional approval for applicants to Keystart within a shorter than average time?
(5) If yes to (4), what are the names of the finance brokers on that list?
(6) If yes to (4), is it true that the ‘turnaround time’ is faster for preferred finance brokers than it is for an applicant with non-preferred brokers or even for applicants who apply directly to Keystart?
(7) If yes to (6), has the Government obtained legal advice regarding the practice of giving preferred finance brokers a faster turnaround time and whether ‘third line forcing’ constitutes a restrictive trade practice according to the
Trade Practices Act 1974
and the
Uniform Consumer Credit Code
?
(8) If yes to (7), from where was that legal advice obtained and will the Minister table the advice in this House?
AnswerView source ↗
Answered
15 September 2009
Response time
33 days
(1) (a) 4,807 loans have been approved as at 31 July 2009.
(b) 1,240 or 25% of loans approved from 23 September 2008 to 31 July 2009 were lodged directly through Keystart.
(c) 3570 or 75% of applications between 23 September 2008 and 31 July 2009 were submitted through a finance broker.
(2) Keystart is unable to release details on the client's individual loan accounts under the Privacy Act 1988. In addition, all the information sought is not retained in a summary format and each file would need to be researched. I am therefore not prepared to commit resources to research the information.
(3) Yes, applications from brokers are assessed based on their performance history regarding quality of application and online lodgement criteria.
(4) No.
(5) Not applicable.
(6) Not applicable.
(7) Not applicable.
(8) Not applicable.
Notice: This document is created or edited using unregistered or evaluation copy of rtLib valid for testing or development purposes only. To use it for productive or any other purposes please register it. You may purchase the license on
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(b) 1,240 or 25% of loans approved from 23 September 2008 to 31 July 2009 were lodged directly through Keystart.
(c) 3570 or 75% of applications between 23 September 2008 and 31 July 2009 were submitted through a finance broker.
(2) Keystart is unable to release details on the client's individual loan accounts under the Privacy Act 1988. In addition, all the information sought is not retained in a summary format and each file would need to be researched. I am therefore not prepared to commit resources to research the information.
(3) Yes, applications from brokers are assessed based on their performance history regarding quality of application and online lodgement criteria.
(4) No.
(5) Not applicable.
(6) Not applicable.
(7) Not applicable.
(8) Not applicable.
Notice: This document is created or edited using unregistered or evaluation copy of rtLib valid for testing or development purposes only. To use it for productive or any other purposes please register it. You may purchase the license on
http://www.rtlib.com
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