Ann: FY21 Annual Results, page-12

I think you can still quite easily get prime personal (9% is a recent big4 ad I saw) loans and car loans from banks. People also redraw mortages at very low rates for cars. I think the issue is that they are less willing to deal with near prime and certainly not sub prime borrowers.

Riskier loans require banks to hold more capital against which makes it much less attractice than being allowed to lever up a lot on prime resi loans. Its also why business lending is not a primary focus for banks and often a house is required as collateral.

So that unwillingness to increase regulatory capital and increase costs for staff to deal with problem customers works in MNY's favour. Hopefully MNY can stay quite relevant in its section of the market.

Plenty of other players though, on listed side Cash Converters is having a crack and Credit Corp just restarted a pilot for car lending.

The number of returning customers to MNY is a big higglight though, plus every year the cust data base gets larger giving MNY an increasing pool to market at...