Lender

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.

The big four bank has announced several executive changes, including the departure of the chief executive of its consumer banking division.

Auswide’s bid to acquire a Queensland-based lender has been rejected by the group’s board. 

The “extremely uncertain” housing market outlook is set to trigger a “collapse” in demand that could last until late 2021, according to ANZ Research.

The bank’s move to reduce the amount borrowers could redraw was “absolutely” the right decision, CEO Jamie McPhee has told a parliamentary committee.

ASIC has facilitated over $160 million in remediation payments to more than 430,000 customers who have been sold “junk" consumer credit insurance from lenders and insurers.

Two ex-Westpac group executives have teamed up to create a new digital home loan provider, successfully closing a $33-million capital raise.

The major bank has earmarked an extra $1.5 billion for forward-looking adjustments in relation to COVID-19, bringing the total provisions to $6.4 billion.

La Trobe Financial has announced an RMBS raising of over $1 billion, with the AOFM involved in the deal.