As read in Mortgage Business- One chief economist has argued that the historically low RBA cash rate of 2.25% is not enough to promote economic growth, particularly in the context of a depreciated commodity sector and poor business confidence. As mining investment and commodity prices fall, Australia needs growth to shift to non-mining industries, a […]
As read in Mortgage Business– Last week’s announcement that a major bank has terminated its agreement with Genworth Aust could have a positive impact on the LMI insurer, one industry figure has argued. Shares in Genworth fell sharply after Westpac’s decision to terminate its Lenders Mortgae Insurance agreement with the group following a strategic review […]
Recently read in the Aust Broker Online – Australian households have hit over $101 billion in credit card and personal loan debt. Borrowing on credit cards and personal loans has hit $101.4 billion combined as at Dec 2014, according to the latest APRA data. This is the highest level of personal loans and credit card […]
NSW Fair Trading commissioner Rod Stowe has issued a warning about bogus callers claiming to be from some of Australia’s biggest banks falsely advising consumers they are victims of fraud. NSW Fair Trading is receiving reports of consumers being contacted by people purporting to represent banks based in Australia, Mr Stowe said. “The bogus callers […]
The number of foreign buyers has reached has reached record levels in Victoria, where they accounted for 32.5 % of all new property sales in the fourth quarter of 2014. While foreign buyers were less prevalent in new housing markets nationally in the fourth quarter, accounting for 14.8 % of demand compared with 16.8 % […]
Wide Bay Australia shareholders have approved a change of name to Auswide Bank at a general meeting. The Queensland-based lender will now seek consent from APRA to move to bank status from April 1. APRA’s consent is required before it can use the work ‘bank’. Wide Bay chairman John Humphrey said the name change is […]
Westpac has reported an increase in consumer confidence, which the bank insists is more than just a result of the regular “holiday boost”. The major reported a 2.4 per cent monthly improvement in consumer sentiment for January, but it is still down 9.7 per cent compared with 12 months ago. However, chief economist Bill Evans […]
Australians are keeping well ahead of their mortgage repayments, utilizing consistently low interest rates to pay loans off faster. Results from Citibank’s 2014 financial survey show a quarter of the population are mortgage free home owners, up 9% from 2007. News Ltd spoke to Citibank’s head of banking solutions and wealth management, Deidre Wroth, who […]
Property values may be rising, but rental growth has slumped to its lowest annual rate in more than a decade. The recent CoreLogic RP Data Rental Review revealed that rental growth is sitting at its lowest point in more than 10 years, with combined capital city rent increasing by just 1.8% over the past 12 […]
Australia’s unemployment rate has unexpectedly – but welcomely – fallen to 6.1%in December, according to the latest Australian Bureau of Statistics labour force figures. Economists were predicting the unemployment rate would remain steady at its 12-year high of 6.3% in the lead up to the release of the official figures, however it dropped 0.1% from […]
