Economy

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 ...

ANZ announced that it has finalised the sale of six of its retail and wealth businesses to foreign banks.

The head of the Reserve Bank of Australia doesn’t want the rate of growth of housing costs and debt outstripping income growth as it has over the past five years.

The Productivity Commission believes that mortgage comparison rates are effectively “meaningless” if they don’t incorporate discounts on standard variable rates.

The bill to establish the Australian Financial Complaints Authority has been passed by the federal parliament, creating a “one-stop shop” for dispute resolution.

The Australian government has tabled legislation to establish the Housing Finance and Investment Corporation as part of its housing affordability plan announced in the 2017–18 federal budget

ANZ CEO Shayne Elliott has claimed that there is a royal commission into the banking sector because the industry has “lost touch with the broader community”.

AMP Capital chief economist Shane Oliver has said that Australia’s household debt levels are not as bad as they seem, but a 2 per cent rate rise could leave Australians vulnerable.