Treasury opens consultation on CCR amendment
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The mandatory comprehensive credit reporting bill has been updated to include changes to the reporting of hardship arrangements, with stakeh...
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ASIC wealth investigations increase by 216%
The financial services regulator has reported a 216 per cent increase in wealth management investigations since July 2018, as the fallout fr...
HEM decision to ‘open can of worms’ in mortgage space
The Federal Court’s decision to dismiss ASIC’s responsible lending case against Westpac could lead to an overhaul of credit practices in...
Lender takeover put on the backburner
Treasurer Josh Frydenberg has withheld his approval for the acquisition of a Queensland-based lender, requesting further details before rubberstamping the takeover.
Strict serviceability rules ‘lead to poor customer outcomes’
The head of the Australian Banking Association has said that “really strict” serviceability assessments have resulted in poor customer outcomes.
Employment boost to provide RBA with ‘breathing space’
Strong employment growth will take pressure off the Reserve Bank, but “significant spare capacity” remains in the labour market.
Virgin Money cuts fixed rates by up to 70bps
Virgin Money has decreased fixed rates on a number of mortgages by up to 70 basis points.
BOQ CEO calls for end to verification-based competition
Interim CEO of BOQ Anthony Rose has told ASIC that the revised responsible lending guidance must remove incentives for lenders to lower stan...
Young Aussies ‘blindly optimistic’ about home ownership
Approximately 32 per cent of young Australians expect to purchase a home in the next five years. However, their aspirations are not driving...
‘Modest uptick’ in mortgage delinquencies predicted
Impact of moderating house prices and the conversion of a large number of interest-only loans on delinquencies will be “limited” in the ...
