Lender

Westpac was the only big four bank to kick off the June quarter with a contraction in its mortgage book, according to the latest APRA data. 

The non-major has set aside additional capital to absorb expected losses from the COVID-19 crisis.

The ACCC has announced the launch of its online CDR portal, and welcomes institutions to apply to become trusted participants in the program.

Australia’s largest mortgage lender is considering an expansion of its loan relief program to enable borrowers to secure interest-only terms of up to 12 months.

A Sydney-based brokerage has seen a 50 per cent rise in enquiries from home loan applicants that had been previously rejected by lenders because of changes in circumstances due to COVID-19

The COVID-19 crisis will bring to light the effectiveness of principles-based responsible lending guidance, according to ASIC chair James Shipton.   

The major bank has introduced changes to its interest-only offering to assist borrowers seeking repayment relief amid the COVID-19 crisis.

The non-major is expected to announce new collective provisions associated with heightened credit quality risks from the COVID-19 crisis.

The big four bank has decided not to extend its LMI contract with Genworth in a bid to “simplify” its home lending business.

Virgin Money has announced that it has lowered new variable home loan rates and increased its cashback offer to $2,500 on new eligible refinance loans.