Economy

Westpac has announced that it will refund approximately $11 million to thousands of customers after a “system error” that affected home loans as far back as 1993.

Genworth has appointed JP Morgan as its custodian and administrator following a competitive tender process.

A new survey has revealed that a vast majority of Australians believe they are well equipped to make adequate financial decisions.

Standard & Poor’s is not anticipating any “major shifts” in its credit outlook for 2018, acknowledging, however, that the outcomes of the Royal Commission could change its views.

Property prices will continue to cool into 2018, but low rates and strong population growth should prevent a severe correction.

A parliamentary committee fears that consumers were led to believe the major banks lifted interest-only rates for the sole purpose of meeting regulatory requirements.

The prudential regulator has appointed a former executive of Deutsche Bank to a newly established role.

The House of Representatives standing committee on economics has recommended that the ACCC assess the pricing decisions of interest-only mortgages earlier this year.

The ASX has confirmed that it will replace CHESS with a solution developed by Digital Asset after spending more than two years exploring distributed ledger technology.

First home buyers are as active as ever in the Australian housing market, but they are spending more time saving for increasingly higher deposits, new data from Bankwest has revealed.