Economy

AMP, ANZ, CBA, NAB and Westpac, after paying an additional amount of $21.4 million, have together paid a total of $51.4 million to customers who suffered loss or detriment as a result of ...

The banking sector is set to face further scrutiny into its practices, with a parliamentary committee vowing to “hold the major banks to account” as part of its review of the big four banks

A leading Australian economist has labelled the IMF’s forecast for mortgage rates hitting 7.1 per cent as “crazy” and said that such scenario would lead to “significant delinquencies”.

Australia’s competition watchdog has confirmed that a report into mortgage pricing will soon be released and that it will be following up on issues raised by the Productivity Commission.

The Reserve Bank of Australia is keeping a watchful eye on interest-only mortgagors whose terms are due to expire between this year and 2022, as it fears some may find the “step-up” to ...

The Australian Bankers’ Association is calling on the federal government to establish an “appropriate designated organisation” where bank staff can report suspected financial abuse for ...

First home buyers must not be “lured” into purchasing property at the market’s peak due to “attractive incentives”, a leading analyst has warned.

An overwhelming majority of borrowers do not know their home loan rate, with 86 per cent of Australians also unaware of their monthly expenses, a new study has revealed.

NAB has become the first major bank to begin utilising comprehensive credit reporting (CCR), rolling out the new system for personal loans, credit cards and overdrafts.

If evidence of “mortgage mis-selling and irresponsible lending” is found during the royal commission, the banks could be subject to “very costly” class actions, researchers at an investment ...