Economy

Mortgage Choice chief executive officer John Flavell believes that the Royal Commission into the banking sector is yet another example of point scoring by Australia’s major political parties

The dealer group and mortgage aggregator has announced that Angus Benbow will become its new chief executive, commencing in the role in April of next year.

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.