Economy

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The business lender has reported a decline of over 10 per cent in its total loan originations amid challenging economic conditions during the COVID-19 crisis.

A 79 per cent spike in the non-bank’s earnings has been spurred by a 30 per cent increase in home loan settlements.

Citi Australia has announced that its head of investment specialists, Gofran Chowdhury, has been promoted to head of banking and wealth management distribution.

A 40 per cent slide in national home values would only trigger a “small” increase in the share of mortgages at risk of default, according to a new report from the RBA.

The regional lender has launched a $2,000 cashback offer to customers that are refinancing and introduced a new variable rate for some low LVR loans.

AMP’s chairman and the chief executive of one of the group’s divisions have stepped down in response to backlash from shareholders.

A regional bank has said that it has had to “take a pause” on processing First Home Loan Deposit Scheme applications to work through a backlog that was impacting service levels.

“Elevated” turnaround times have contributed to a contraction in the non-major bank’s home lending portfolio, driving a 33 per cent fall in the bank’s underlying earnings.

A non-major bank has reduced its rates for owner-occupiers taking out shorter-term fixed-rate home loans.