Lender

The non-major has joined peers in tightening its credit policy, with new measures put in place to verify a borrower’s financial position prior to final approval.

The major bank has announced a number of changes to its home lending policy, including a reduction to the maximum LVR for self-employed applicants.

The financial services group has forecast $2.7 billion in costs for the 2020 financial year, which includes $133 million in credit provisions linked to the COVID-19 crisis.

Macquarie’s credit impairments have surged 152 per cent, resulting in an 8 per cent decline in its earnings.

The value of new investor loan commitments has dropped for the fourth month in a row, new data has shown.

The number of mortgage-holders looking to refinance their home loan has surged in recent weeks, as home owners take advantage of record-low interest rates.

The major bank’s cash earnings have plunged by 70 per cent, triggered by a spike in provisions associated with the COVID-19 crisis and one-off costs relating to AUSTRAC action.

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The major bank has set aside over $1 billion in new credit impairment charges, as it braces for a rise in delinquencies following the expiry of loan deferral periods.

Heritage Bank has appointed an ex-Westpac NZ chief executive as the replacement for Vivienne Quinn, who has stepped down after 25 years.