Economy

Major bank refunds millions to interest-only customers
15 December 2017
mortgagebusiness

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.

LMI giant appoints JP Morgan as custodian
14 December 2017
mortgagebusiness

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

Most Aussies believe they’re good with money
13 December 2017
mortgagebusiness

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

S&P reveals global credit outlook for 2018
13 December 2017
mortgagebusiness

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.

Housing slowdown will continue: HSBC
12 December 2017
mortgagebusiness

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

‘Significant concern’ that banks misled mortgage customers
12 December 2017
mortgagebusiness

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.

APRA appoints former banking exec to new role
11 December 2017
mortgagebusiness

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

New reforms see ACCC target major bank mortgages
8 December 2017
mortgagebusiness

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

ASX to introduce blockchain software
7 December 2017
mortgagebusiness

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.

Borrowers undeterred by higher deposits
7 December 2017
mortgagebusiness

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.