Yearly Archives: 2015

Credit card providers are exploiting consumers: Flavell – Mortgage Business Online

As read in Mortgagebusiness – Mortgage Choice CEO John Flavell has backed the federal Treasury’s view that credit card providers are exploiting “consumer inattention” to keep interest rates higher than necessary. Mr Flavell said credit card interest rates are incredibly high and can easily become a “money trap” for many consumers. “Our data shows 57.5 per cent of Australian consumers have some form […]

RBA to cut cash rate to 1.5%, says ANZ – Mortgage Business Online

As read in Mortgaebusiness – ANZ expects the Reserve Bank to reduce the cash rate by a further 50 basis points next year, taking it to 1.5 per cent. In a recent research update co-authored by ANZ chief economist Warren Hogan and senior economist Justin Fabo, the bank said that while pinpointing the timing of the cuts is tricky, it is “pencilling […]

NAB and ANZ want more deposit in Gladstone

Both NAB and ANZ have advised brokers that they now require 30% deposit in the 4680 Gladstone postcode area. The banks have stated that Gladstone is a high credit risk area, which is reliant on mining. I feel this shows a lack of understanding, by the banks of the diversity of the Gladstone Area. If […]

Consumer group calls for greater awareness of payday lending – Australian Broker Online

As read in the Aust Broker Online a consumer advocate group has called for greater awareness of the risks associated with payday lending. In light of the Federal Government’s upcoming regulatory review of payday lenders, consumer advocate group Credit Savvy says more needs to be done in raising awareness about the potential negative impact on […]

Banks Price Gouging on Investment Loans

The majority of banks have increased interest rates on new investment loans and existing investment loans, and the increase in interest rates on existing investment loans is considered to be nothing more than price gouging, at their customers expense. Australia Prudential Regulation Authority (APRA) has gone to the banks and said we need to cool […]

‘’Finance in Dealerships’ roadshow travels across country – Australian Broker Online

As read in Australian Broker The FBAA has received a positive response from its ‘Finance in Dealerships’ roadshow currently running across Australia, which is aimed at educating car dealers on their responsibilities under the NCCP. The association says the roadshow is aimed at motor dealers and covers all areas of finance transactions, including a dealer’s requirements under […]

ISA finds mistrust of major banks remains high – Mortgage Business

As read in Mortgagebusiness  A large proportion of Australians do not trust large banking institutions, with 71 per cent believing that scandals over poor financial advice points to ineffective governance, says Industry Super Australia (ISA). In an UMR survey, the majority of respondents said the banks’ for-profit super funds and their boards are overly focused […]

Stats reveal mixed results for loan arrears – The Adviser

As read in The Adviser Australia’s mortgage arrears were stable in June for prime residential mortgage-backed securities (RMBS) and down for non-conforming securities. According to Standard & Poor’s performance index, 1.07 per cent of prime RMBS were in arrears for the month – unchanged from May – while non-conforming RMBS in arrears fell to 4.83 […]

Senator slams ASIC action on rogue property agents – The Adviser

As read in The Adviser  a  NSW senator has criticised the pace of ASIC’s investigations of SMSF property spruiking cases and urged it to consider whether additional powers would assist them in addressing the issue.Speaking to The Adviser’s sister publication SMSF Adviser, Senator John Williams said he is very concerned about the promotion of property investment through […]