As read in the Australian Broker New home lending written through the third party channel has increased by 7% over the past 12 months as mortgage broker market share hits an all-time high. Brokers originated at least $43.4 billion of new home loans during the March 2016 quarter, a 7% increase on the $40.6 billion […]
As read in Australian Broker Two of Australia’s largest lenders have uncovered mortgages that have been backed by questionable foreign-income documentation, forcing them to stop approving such loans. ANZ and Westpac have identified issues with some loans that rely on foreign income for approval, the two lenders said in separate e-mails. The statement comes after […]
As read in Australian Broker A Reserve Bank memo discussing the impact of changing negative gearing confirms that abolishing the practice would raise rents, a property association has claimed. According to the CEO of the Property Council of Australia, Ken Morrison, the RBA’s internal briefing note made public after the ABC obtained the note under freedom of information […]
As read in Australian Broker A growing number of Australian families have helped a family member buy their first home by providing financial assistance, according to new research by industry super fund-owned bank ME. According to a survey of 2,000 mortgage holders by ME, 20% of Australian families have provided financial assistance towards a family […]
As read in Mortgage Business ASIC has found a Westpac-owned credit provider guilty of breaching important consumer protection provisions in the National Consumer Credit Protection Act (NCCP). Capital Finance Australia, a subsidiary ofWestpac, has paid penalties totalling $493,000 after ASIC found that between March and June 2015, the car finance provider failed on 55 occasions to provide customers with […]
As read in the Australian Broker Recently released figures from the Australian Bureau of Statistics (ABS) suggest that the sea or tree change phenomenon may be returning to popularity among Australians. The new migration data appears to show a resurgence in people relocating to coastal towns and lifestyle markets, where some of the biggest increases […]
As read in the Australian Broker Both the global banking regulator and Australia’s banking regulator have warned another financial crisis is imminent. Speaking at the Australian Financial Review (AFR) Banking and Wealth Summit in Sydney yesterday, Bill Coen, the secretary-general of the Basel Committee on Banking Supervision, the global banking regulator, said another global financial crisis is […]
As read in the Australian Broker Abolishing negative gearing tax concessions will result in a drop in house prices, economists have predicted. According to a recent survey by comparison site finder.com.au, almost two thirds (65%) of economists and analysts believe that eliminating negative gearing could result in a drop in property prices. Almost a quarter […]
As read in the Australian Broker Australian mortgage arrears have reached their lowest fourth quarter level in more than 10 years, according to the Dinkum Index from Fitch Ratings. The Dinkum Index tracks the performance of a large number of loans that have been bundled up and sold by lenders to other investors. The index […]
As read in The Adviser Individual home Loans is a member of PLAN Australia. PLAN Australia has revealed it will partner with Virgin Money to offer its members a new home loan product. PLAN Australia CEO Phil Quin-Conroy said the group is excited to be partnering with Virgin Money and to bring the opportunity of a new home […]
