Lender

A total of nine lenders, including major banks, non-majors and non-bank lenders, have been confirmed as eligible lenders for the second phase of the Coronavirus SME Guarantee Scheme.

The major bank and its subsidiaries have dropped the floor rate on mortgages and reinstated some offerings that were suspended due to COVID-19.

The non-bank lender has announced that it is restoring its lending criteria to pre-COVID-19 settings to reflect improving economic conditions amid the COVID-19 pandemic.

Open banking could make borrowers less “sticky” and more willing to switch lenders, meaning organisations may have to find ways to retain customers, according to ME Bank.

The non-major bank has announced a swathe of changes, including income policy for servicing calculations and a new product launch.

Several players in the lending and property sectors have welcomed the federal budget for 2020-21, particularly the expansion of the instant asset write-off and First Home Loan Deposit Scheme

The customer-owned bank’s home loan portfolio has contracted despite over $1.6 billion in settlements, contributing to a 15 per cent hit to its bottom line.

The major bank is recruiting hundreds of new bankers to support businesses through the COVID-19 pandemic.

Figures showed that the number of homes taken to auction across the combined capital cities dropped last week, while activity has remained subdued in Melbourne.

The central bank’s board has announced its monetary policy decision amid speculation of a cut to the cash rate.