Lender

NAB’s efforts to secure Citigroup’s Australian consumer bank for $1.2 billion have come to fruition.

The major bank has recorded another drop in its owner-occupied book after falling by around $300 million in April, according to APRA stats.

Although higher mortgage rates will bring in more earnings for the banks, S&P has warned the mutual sector will still be slapped down by competition and elevated funding costs.

Two of Australia’s big four banks have tightened their debt-to-income threshold amid rising interest rates.

The non-major bank has bumped up its investment in digital features for brokers, signalling that it is set to roll out online ID checks and auto-credit decisioning.

BT personal and corporate super are to merge with Mercer, and Advance Asset Management is to be sold, as Westpac shakes up its super businesses

In the face of ever-increasing competition from fintechs in the buy now, pay later space, NAB has nabbed its share by launching its first BNPL product.

The big four bank is decreasing its debt-to-income threshold to “meet regulatory obligations” and “lend responsibly”.

The major banking group has confirmed that its acting head of mortgage technology has accepted a long-term position.

Fund manager Challenger has signalled progress in its joint venture with Apollo to build a lending platform.