Lender

Westpac is offering New Zealand customers an interest-free loan of NZ$10,000 to install energy-saving improvements such as double glazing or insulation to their homes.

The major has conceded that its AML/CTF compliance failures were partly due to “deficient financial crime processes, compounded by poor individual judgements”.

Credit provider MoneyMe has announced the launch of a “buy now, pay later” service for landlords to cover maintenance, repairs and marketing costs.

The major bank has announced its intention to sell its New Zealand-based asset finance business, UDC Finance, for NZ$762 million ($706 million) to Japan’s Shinsei Bank.

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.