Economy

Draft legislation that enables first home buyers and older Australians to use their super for housing purposes has been released by government for consultation.

The Prime Minister has warned Australian borrowers to brace for interest rate rises while acknowledging the “high levels of indebtedness”.

The major bank subsidiary has announced significant changes to its home loan rates as it looks to “balance the needs of customers, shareholders and regulators”.

The Reserve Bank has warned that recent competitive tensions in the home loan market are the key driver behind recent risky lending behaviours among the banks.

The percentage of Australian households in arrears has held at 1.21 per cent for the second month in a row, but the dollar value of the delinquencies has plunged, S&P reveals.

Home loans lender ME is “urging” borrowers to brace themselves for eight rate hikes in the near future, following the release of minutes from this month's RBA meeting.

The specialist lender is to acquire 100 per cent of the equity of Portuguese consumer finance bank, Banco Primus, from Crédit Foncier de France for €65 million (A$95 million).

Mortgage rates could face “upward pressure” after the prudential regulator this week told banks to hold more capital to meet “unquestionably strong” benchmarks, according to economists

As Australia’s senior population grows, brokers have an opportunity to diversify their offerings and grow their business, the CEO of a seniors’ finance business has said.

Fresh figures from credit giant Equifax show that every state and territory in Australia is experiencing a contraction in mortgage applications, indicating a house price correction could be ...