Economy

New data reveals that property owners are slowly but surely turning away from interest-only (IO) loans and towards principal and interest (P&I).

The Australian Bankers’ Association has acknowledged that there is “more work to be done” to improve trust in the banking sector while announcing new industry benchmarks.

Every Australian state and territory saw a fall in housing delinquencies over June, bringing the national average down to 1.15 per cent, the S&P Performance Index reveals.

First-time buyers are increasingly turning to family members for help in accessing the market as housing affordability challenges bite, a non-major lender has said.

The latest data from CoreLogic shows house sales over the last 12 months have been trending low, with experts pointing to affordability issues as the culprit.

Applications for cosmetic renovation loans have grown by 48 per cent in six months, non-major lender ME Bank has revealed, saying that the surge reflects the housing affordability “dilemma”

Three of the four major banks have taken issue with Treasury proposals that would give APRA the power to adjust remuneration and remove executives from their roles.

Eighty per cent of working-age Australians are feeling stressed about their finances, new research from the Financial Planning Association of Australia reveals.

The Australian Bankers’ Association has vowed to take the South Australian government to the High Court if the government’s proposed bank tax is legislated.

The flow of interest-only lending has fallen from 52 per cent in the second quarter of 2017 to 44 per cent in the most recent quarter, Westpac has reported.