The JP Morgan Australian Mortgage Industry Report – Volume 23, released yesterday, noted that Westpac was rationalising its branch footprint and improving systems to support the group’s multi-brand strategy. “Over the last 12 months, Westpac have closed 173 branches (from 1,261 to 1,088) and have improved growth by increasing broker flow modestly from 47 per […]
As read in Australin Broker online – Interest rates have been at record lows, the property market has had a good run and, to maintain a balance in the market, the lenders are continuing to gradually tighten their lending policies. The latest changes have included amendments to servicing rates which may affect some borrowers and […]
As read in Australin Broker online – The head of one of Australia’s biggest banks believes the industry needs to recognise it currently has a trust issue with consumers. In a speech last week, Westpac chief executive officer Brian Hartzer Australia’s banking industry is currently failing to meet the standards the Australian public expects […]
As read in Mortgage Business Online Digital technology has increased interconnectedness and bridged the urban-rural divide – and one of the biggest sectors to benefit from this change is the financial industry. Now, with just a few clicks, we have the ability to transmit thousands of dollars to a foreign country or perform an online […]
What do we take away from the recent RBA rate cut, where the big four banks changed tactic and only passed on half of the rate discount and shifted focus towards bank deposit rates? As we are all aware, we are in unchartered waters with rates being at a record low level and speculation suggests […]
As read in Mortgage Business online – The RBA is likely to cut the official cash rate to 1.25 per cent on 1 November if domestic inflation figures are lower than expected, says AMP Capital. Commenting on yesterday’s decision by the RBA to keep the cash rate ‘on hold’, AMP Capital chief economist Shane Oliver […]
As read in Mortgage Business – Asset rich and cash poor Baby Boomers are expected to double the number of reverse mortgages within the next 10 years, according to a finance broker. Diversifi’s Rose De Rossi says Baby Boomers will significantly accelerate the number of reverse mortgage loans in the next decade. According to […]
As read in Mortgage Business online – Ratings agency Moody’s Investors Service has affirmed Australia’s AAA credit rating, saying its strong institutional frameworks and economic resilience have contributed to a stable outlook. Moody’s stable outlook for Australia comes close to a month after Standard & Poor’s downgraded the country’s credit outlook earlier this year.Australia also […]
As read in Mortgage Business – In his final speech, outgoing RBA governor Glenn Stevens said it may take “a moment of crisis” for a hard-nosed conversation on the reality of our economic situation to occur. Speaking at the Anika Foundation Luncheon in Sydney yesterday, Mr Stevens took the opportunity to colour his final address […]
As read in Mortgage Business – Ian Narev, CEO of the Commonwealth Bank of Australia, has said that the bank sees the mortgage broking industry as “an ongoing channel where customers are going to want to do business”. The statement came following the bank’s end of year financial results, which revealed that brokers made up […]
