Economy

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.

The open banking regime is unlikely to spark customer movement away from the major banks into smaller banks and fintechs, according to a mutual bank.

The ACT dwelling market has outperformed the other capital cities during COVID-19, but a delayed downturn may be on the way, according to CoreLogic.

The neobank has partnered with an open banking platform in preparation for the first phase of the consumer data right.