A big four bank has announced that, by the end of this month, it will no longer offer self-managed super fund loans for new consumer or business lending. Westpac has announced that “in order to streamline [its] product offering”, it will remove its SMSF Investment Property...
ANZ and NAB have continued tightening their mortgage lending products amid "game changing" pressure from regulators and the Hayne royal commission to obey responsible lending rules. ANZ has increased rates on its fixed interest in advance loans by eight basis points, or about $800 a year...
RBA’s Head of Economic Analysis Department, Alexandra Heath, spoke at the Urban Development Institute of Australia, Wollongong and discussed housing, including some data on the Illawarra region. Dwelling investment has gone from making a positive contribution to growth two years ago to being roughly flat over...
UK financial entrepreneur Anthony Thomson is launching a new digital bank in Australia Payments system Cuscal is funding an app-based neobank launching in Australia in 2019. It plans to be a standalone APRA-approved ADI with ambitions to steal market share from the Big Four. The experienced team behind...
The Australian Banking Association says Australia’s four major banks have reached an agreement to protect vulnerable customers from being unfairly treated in the new mandatory Comprehensive Credit Regime. The four major banks, who will be required to report the credit history of 50% of customers by...
Tony Richards, Head of Payments Policy Department, RBA, spoke on Cryptocurrencies and Distributed Ledger Technology at Australian Business Economists Briefing in Sydney. He described the basics of Crypto, with reference in particular to Bitcoin, compares it with money, and concludes that many of these shortcomings of...
There are 1,440 minutes in each day. That is the one common denominator we all share. With respect to time, we are all on equal footing. Most people, rich or poor, consume about 1,200 of those minutes engaged in the following activities: work, commuting, family-related, sleeping, eating,...
The NSW Government has failed to address stamp duty rates in yesterday's budget, which haven't been updated in 32 years. Despite the housing affordability crisis being labeled as "the biggest issue" for people in NSW less than two years ago, there was little announced to address...
As noted in CBA’s release on 4 June 2018: CBA will pay a civil penalty of $700 million together with AUSTRAC’s legal costs of $2.5 million. AUSTRAC’s civil proceedings are otherwise dismissed. CBA will recognise a $700 million expense in its financial statements for the full...
Slower credit growth and reduced borrowing capacity are expected to wipe 10 per cent off volumes this year, but brokers may find a silver lining in their trail commissions. Investor lending has fallen by 16.1 per cent over the year to March, while owner-occupied lending is...